Currently, the amount of assets (money, property and possessions) you can leave to your loved ones free of inheritance tax (IHT) when you die is anything up to a value of £325,000. Married couples and those in a civil partnership can leave assets between them worth £650,000 free of IHT. Anything above that is subject to a 40% tax liability on death or 36% if you leave at least 10% to charity.
The good news is there are ways to minimise this tax liability. Effective tax planning, both for lifetime gifting of money, property and possessions, and to take care of things after you die, could potentially save you and your loved ones thousands of pounds.
Here at Pickering & Butters there is a raft of specialised expertise and experience on offer, waiting to help you put everything in order. Our qualified tax planning specialists will work with you, using their in-depth knowledge of legally sound, approved tax planning processes to make sure as much of your estate as possible passes to those who matter most.
For specialist advice on all inheritance tax and financial planning matters, please get in touch.