You don't need to be rich for your estate to be subject to
inheritance tax (IHT). Also known as death duties inheriture,
inheritance tax is currently charged
at 40% on the full value of your estate above the nil rate band.
Your estate will include everything:
Investments & Savings
Home & Car & Personal effects
Life assurance, unless it is written in trust
Inheritance tax is not paid where
your estate passes to your spouse, but if you do not have
a spouse, or on your spouses subsequent death, inheritance
tax is paid by those who inherit. Inheritance tax must be
paid by or deducted from the estate before your assets are
Calculate the potential tax bill on
your estate using our inheritance
For those who wish to protect their
assets from the UK tax authorities there are many ways to
ensure you pay the lowest possible level of tax on your estate.
Solutions can include creating trusts,
utilising nil rate bands, arranging
policies or utilising multi-life offshore products.
Careful planning is required and consultation
between a solicitor, accountant and independent advisor is
recommended. We have arrangements with solicitors and accountants
who can help you mitigate any inheritance tax liability. Contact
us with your details and requirements.
A few myths surrounding what can
happen to your estate on death.
My partner will inherit everything
UK law only recognises an unmarried partner if you have
made a will. If you are not married and you have not made
a will your partner may not be entitled to inherit anything.
The government will allocate my
Dying without a valid will is called "dying intestate". The
government has a very restrictive and pre determined list
of beneficiaries and doesn't recognise un-married partners,
friends and charities. In fact if you die intestate without
any recognised beneficiaries all of your estate goes to the
I will 'gift' my house to my children
If you gift your house to your children or grandchildren but
remain living in your home, under UK tax legislation you will
be deemed to have made a 'gift with reservation' and the full
value of your house will be charged to your estate. Even if
you do totally gift your house to your children your estate
may still face a tax charge if you die within seven years
of making the gift.
I will give away everything just
before I die
Under UK tax legislation, any gifts above £3,000 per year
will be included within your estate if you die within seven
year's of making the gift. There is a sliding scale charge
applied over the seven years but if you die within the first
two years of making the gift 100% will still be charged to
I have made a will
A will is the most obvious way to plan for the future and
the fairest way to provide for your loved ones. Even if you
have made a will, and amazingly 70% of the UK population do
not have a will, it is important to keep it up to date. Getting
married or divorced can invalidate a will and it can be challenged
and changed after your death.
Can you help me make a will?
Yes, we have arrangements with solicitors to help you draft
a new will or amend your existing will. Contact
us with your details and we will arrange for a solicitor
to contact you.
Help & advice
There are many different options to consider when mitigating inheritance tax and
it makes sense to take advice from a qualified inheritance tax specialist who is independent
and can offer you products and services from the whole of the market place. Please
call one of our
to discuss the different options
available to you in inheritance planning.