Inheritance Tax Planning
If you already have sufficient income and/or capital to "match" your outgoings, then you may have an Inheritance Tax liability on your death. Everyone has a personal allowance on which no Inheritance Tax is payable - this is called the "nil rate band". The nil rate band for the tax year 2007/2008 is £300,000 (2008/2009 is £312,000).
Once the nil rate band has been taken into account, potentially, the amount of your Estate above the nil rate allowance could be taxed at 40% (tax year 2007/2008). There are certain exemptions which we can tell you about.
Also, there are many Inheritance Tax mitigation/planning schemes available whereby you can access your funds, but also have the peace of mind of knowing that part of your Estate has been planned.
There are many schemes available including:-
- Loan Trusts
- Discounted Gift Schemes
- Discretionary Trusts
- Whole of Life policies
- As well as helping with your Will planning
We are very mindful of ensuring clients receive a high level of personal service and if necessary work closely with the Solicitor to ensure that all their needs are correctly met. For example, we act as part of the team when advising on investments, Will planning and Inheritance Tax planning.
The levels, bases and reliefs from taxation may be subject to change. The Financial Services Authority does not regulate Taxation and Trust advice and Will writing.
Professional Inheritance Tax Planning Service
tailored to the client's needs