There is a widespread lack of understanding regarding inheritance tax. Put simply, the first £325,000 falls under the ‘nil rate’ band, so there would be nothing to pay. Thereafter, the Treasury takes 40% of the estate! The position has been changed recently so that, in many cases, for example, a surviving spouse, will automatically be able to utilise the unused portion of the deceased spouse’s nil rate band..
How do I avoid Inheritance Tax?
- Make a Will
- Arrange a Will trust
- Reducing the estate whilst alive
- Using Insurance policies
- Making lifetime gifts
Without a Will, there may be uncertainty if any of the above applies to you.
Planning to avoid Inheritance Tax can be a complicated procedure requiring expert legal help. It needn’t be payable in many situations, for an informal discussion about your affairs, contact us