Inheritance Tax (IHT)
Once seen as a tax only paid by the very wealthy, rising property values over the past 20 years have meant that more and more estates are subject to IHT.
Basically IHT charges tax at 40% on the value of the deceased’s estate over and above the nil rate band (currently £325,000). So, on a chargeable estate of £1m, the IHT payable could be as much as £270,000.
There are numerous exemptions and reliefs available to reduce or eliminate the IHT payable.
There are also actions that can be taken during lifetime to protect your family wealth from IHT.
If you would like to discuss your IHT position, please contact us now to arrange a meeting
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