Inheritance Tax planning
Financial advice for passing on an inheritance and managing an inheritance tax bill.
Minimising Inheritance Tax
Do not underestimate the impact that Inheritance Tax could have on your estate – it could mean that the taxman is your largest single beneficiary. Your estate will be liable to pay 40% on assets above the Inheritance Tax threshold of £325,000 (plus the Residence nil rate band of £175,000 if applicable) frozen since 2010/2011 and will remain so until 2026. But with careful management, you could often significantly reduce the liability.
Roy Jenkins, the former Labour Chancellor of the Exchequer, famously described Inheritance Tax as “a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue”. But there are ways to avoid this, aiming to make sure it is your beneficiaries who profit.
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