INHERITANCE TAX PLANNING
Nobody likes paying tax but it is a complicated subject. With a little help and guidance, we may be able to help you reduce your tax bill and ensure that when you eventually pass away, your family benefits fully from your hard earned savings without the tax man taking a big share of your money.
*FCA does not regulate tax advice
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WHAT IS INHERITANCE TAX
Inheritance Tax (IHT) is a tax paid to the Government when you die on everything you own. As long as the total value of what you leave behind is less than £325,000 per person (2013/14 tax year), there won’t currently be any inheritance tax to pay. This is known as the nil rate band i.e. from £0 – £325,000. The nil rate band for inheritance tax and the rate of tax is usually set by the Chancellor each year in the budget. Any assets above the nil rate band could be taxed at a whopping 40%.
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ISN’T IT JUST FOR THE RICH?
It used to be, but not any longer. Soaring house prices in recent years has meant many more of us will be affected by inheritance tax. When you also include the value of your other belongings such as your car, jewellery, furniture and so on, it’s easy to see you could be worth much more than you think.
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HOW CAN WE HELP?
These are just some of the ways of mitigating Inheritance Tax and Inshore IFA can help you find a suitable solution to your inheritance tax problem, taking into account your current and future needs. This is a highly specialised area of planning and should not be entered into without financial advice.