Mitigating Inheritance Tax
If your assets are valued at over £325,000 (the current Nil Rate Band) when you die you will be liable to pay Inheritance Tax at a rate of 40%.
Recent changes allow your Nil Rate Band allowance to be ‘carried over’ to your spouse or registered Civil Partner (assuming no chargeable transfers are made) meaning on current thresholds a total of £650,000 can be distributed tax free.
However, for many this is ‘the tax cut that never was’ as married couples and registered Civil Partners could previously gain this allowance simply by planning in advance.
Many of our clients have estates in excess of £650,000 (when calculating properties, death in service, life insurance, savings and investments) and we therefore have advanced inheritance tax planning products which we tailor to the individual needs of our clients.
If you are unsure what impact Inheritance Tax will have on your family, contact us for a free assessment of your situation. Our Independant Financial Advisors cover the South Wales and the South West regions.
For more information on how we act on behalf of our clients, our payment structures and terms please read our Retail Client Agreement (here).