For the year up to May 2017, and for the first time, the Government raised over £5 billion in Inheritance Tax from the estates of the deceased.
Inheritance Tax is charged at 40% on any assets over and above the £325,000 allowed per individual (£650,000 for a married couple). Although there has been the introduction of the new Residence Nil Rate Band which in this tax year gives certain (not all) individuals an extra £100,000 tax relief against their home, Inheritance Tax can be avoided or at the very least mitigated by careful estate planning.
You should review your Will (or make one if you haven’t) and review your financial situation with your solicitor and, if you have a financial advisor and accountant, include them in the discussions too so that they all work together to ensure that as little or no Inheritance Tax joins the Government coffers from your estate.
Contact Jeanette Berry in the Private Client Team at PrivateClient@southernslaw.co.uk or telephone 01282 422711 to arrange a free half an hour consultation.