Inheritance Tax Planning
Leave your family your money, not a tax bill.
Stop! Before you click away from this page thinking "Inheritance Tax is only for the really rich", just take a moment - in 2008 - 2009 a gargantuan total of £2.85 billion was paid in inheritance tax (Source: HMRC)
Could you be adding to next year's total?
Although it used to affect only the very wealthy, the rise in house prices over the last ten years means that more people have had to pay inheritance tax.
If the value of your estate - including your home and everything you own - is greater than £325,000 (in the tax year 2011/12), then you could be liable for Inheritance Tax. And, regardless of what level of income tax you pay, or even if you pay it at all, Inheritance Tax is charged at 40%.
To see if you could be liable, why not take a moment to use our Inheritance Tax Calculator.
If you leave your estate to your husband, wife or civil partner, they will not generally have to pay any Inheritance Tax. But if you pass your estate to your children or a friend, they could get caught out, especially as the tax bill usually has to be paid before they can receive anything you have left them.
Help is at hand
Inheritance Tax is often called a 'voluntary' tax, because there are perfectly legal ways of reducing the amount you have to pay - it just involves some careful planning. Our Newcastle Financial Services Ltd (NFSL) Personal Finance Managers can take you through your options so you can do everything possible to ensure the right inheritance tax planning arrangements are in place.
Get in touch with us today on 0845 600 5159 to arrange a no-obligation appointment with an NFSL Personal Finance Manager.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot