Inheritance Tax

"Inheritance tax is, broadly speaking, a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue."
Lord Jenkins

It's a mistake to assume that only the rich pay Inheritance Tax. With today's property prices, large numbers of people risk having to pay a taxman's bill from their estate, before their loved ones can inherit a penny.

If, upon your death, your estate is worth more than £300,000 (this figure is subject to change, of course), any amount above that figure will be taxed at 40%.

The IHT nil-rate band becomes transferable between spouses or civil partners immediately, giving them a combined allowance of £600,000 in tax year 2007/2008 if the second death occurs after 9 October 2007. The legal personal representatives of widows, widowers and bereaved civil partners can claim the combined allowance from now on, as long as the second death was on or after 9 October 2007.

It's illegal to evade tax, but perfectly legal to plan ahead so that you can avoid paying it. We can help by reviewing your assets and devising a plan to help you become more tax-efficient. Your death is something we cannot prevent; but when it comes, we can make sure your family gets the maximum benefit.