Can we help you with your inheritance tax bill?

15 May 2020

2 minute read

In the recent Budget, the Government made no changes to the inheritance tax (IHT) rules, and the headline rate remains at 40%.

This is probably no surprise given IHT continues to be a great earner for the Treasury.  Last year alone over £5.3bn was paid in IHT – a record high.

With no increase in the IHT allowance (known as the nil rate band) since 2009, this has resulted in IHT becoming increasingly important to the tax man.

Why does it matter?

To help your loved ones inherit more of your wealth, action can be taken now to reduce the impact of IHT on your estate.

Most of us have spent our lives paying tax so it’s a good idea to have a plan in place to make sure you maximise your legacy and minimise the impact of IHT on death. You should always bear in mind though that tax rules can change in future and their effect on you will depend on your individual circumstances.

Support is available

We can help you reduce your IHT liability or even remove it and save those you care about significant amounts of money.

Whether you have taken advice in the past or you are doing so for the first time our Wealth Planners are available to help you understand your options.

In our experience the sooner you speak to our Wealth Planners the more options you are likely to have available to you.

Contact your Wealth Manager if you would like to arrange a meeting with a Wealth Planner to discuss your options.

We’re not providing you with financial, legal or tax advice, so nothing contained in this article should be construed as constituting legal, financial or tax advice. Tax rules and legislation can change and the benefits and drawbacks of a particular tax treatment will vary with individual circumstances. We recommend that you take professional advice where required. You have sole responsibility for the management of your tax, financial and legal affairs, including making any applicable filings and payments, and complying with any applicable laws and regulations.

Things to consider

The value of investments can fall as well as rise. You may get back less than you originally invested.The home may be repossessed if repayments on the mortgage are not kept up.

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