Reducing Inheritance Tax means taking action now.<\/p>\n
Without professional advice and careful financial planning, HM Revenue & Customs (HMRC) can become the single largest beneficiary of your estate following your death.<\/p>\n
A survey about Inheritance Tax [1] shows that wealthy Britons over the age of 45 are either ignoring estate planning solutions or they have forgotten about the benefits these can provide. Only 27% of those surveyed have taken financial advice on IHT planning, despite all of them having a potential IHT liability.<\/p>\n
60% of people surveyed want to leave assets to their spouse or registered civil partner, and 29% would like to leave an inheritance to younger relatives such as nieces, nephews and grandchildren, but the largest single beneficiary from people’s estates i still HMRC.\u00a0To highlight\u00a0this point, HMRC revealed they received IHT\u00a0payments to the value of \u00a34,670,000,000 (that\u2019s\u00a0\u00a34.67 billion) in the 2015\/16 tax year alone.<\/p>\n
How much could your estate pay?<\/strong><\/p>\n The level of IHT your estate will pay depends\u00a0on the amount your estate is worth and the tax\u00a0allowances in place at the time. The current IHT\u00a0allowance of \u00a3325,000 is set to remain level\u00a0until 5 April 2021. Your estate will normally pay\u00a0IHT on anything above that at 40%. If you leave\u00a0any assets to your spouse or registered civil\u00a0partner, they won\u2019t have to pay IHT \u2013 it can be\u00a0added to their estate and settled on their death.\u00a0In the event your full IHT allowance isn\u2019t used\u00a0on your death, the remaining proportion will\u00a0pass to your spouse or registered civil partner to\u00a0increase their IHT allowance.<\/p>\n From 6 April 2017, on top of the \u00a3325,000\u00a0allowance, a new allowance was introduced for\u00a0people owning their own home. This Residence\u00a0Nil Rate Band (RNRB) provides an additional\u00a0\u00a3100,000 allowance to be applied against the\u00a0deceased\u2019s main residence, as long as it is left\u00a0to a direct descendant and the estate is valued\u00a0at less than \u00a32,000,000. Beyond that figure,\u00a0the RNRB (and any transferred RNRB) will be\u00a0gradually withdrawn. Like the main nil rate\u00a0band, any unused proportion can be taken on by\u00a0the surviving spouse or registered civil partner.<\/p>\n Reduce IHT and maximise the wealth\u00a0you pass on:<\/strong><\/p>\n Have you preserved and\u00a0protected your legacy?<\/strong><\/p>\n There are many things to consider when\u00a0looking to protect your family and assets.\u00a0Whatever your priorities are, the sooner\u00a0you start thinking about IHT planning, the\u00a0more you can do. To arrange a meeting\u00a0to review your situation or discuss how\u00a0we can help guide you through this highly\u00a0complicated area of wealth preservation,\u00a0please contact us.<\/p>\n <\/p>\n Reducing Inheritance Tax means taking action now. Without professional advice and careful financial planning, HM Revenue & Customs (HMRC) can become the single largest beneficiary of your estate following your death. A survey about Inheritance Tax [1] shows that wealthy Britons over the age of 45 are either ignoring estate planning solutions or they have…<\/p>\n","protected":false},"author":4,"featured_media":2399,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"yoast_head":"\n\n
\nSome trusts still attract IHT but are worth\u00a0considering nonetheless. There are three\u00a0main types of trust that can assist you with\u00a0any IHT planning you are considering. If this\u00a0is the case, please speak to us or your legal\u00a0representative regarding placing money under\u00a0trust and how it could help you.<\/li>\n
\nIt\u2019s possible to set up the policy in the form\u00a0of an appropriate trust to remain outside your\u00a0estate. It will pay out to the trustees to pass on\u00a0to your nominated beneficiaries, giving them\u00a0the money to pay the IHT due.<\/li>\n
\nAll gifts to qualifying charities and political\u00a0parties are free of IHT.<\/li>\nSource data:<\/em>
\n[1] Survey conducted by Canada Life of 1,001\u00a0<\/em>UK consumers aged 45 or over with total assets\u00a0<\/em>exceeding the individual Inheritance Tax threshold\u00a0<\/em>of \u00a3325,000 carried out in September 2016.<\/em>
\nINFORMATION IS BASED ON OUR\u00a0<\/em>CURRENT UNDERSTANDING OF TAXATION\u00a0<\/em>LEGISLATION AND REGULATIONS. ANY\u00a0<\/em>LEVELS AND BASES OF, AND RELIEFS FROM,\u00a0<\/em>TAXATION ARE SUBJECT TO CHANGE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"