Inheritance Tax now affects millions of people, and not just the very wealthy. Rising house prices and increased personal wealth mean that many now have assets in excess of the £325,000 threshold.
Assets in excess of £325,000 could be liable to Inheritance Tax.
Giving away your assets before you die may not avoid Inheritance Tax.
For most UK residents this includes all assets held in the UK and abroad.
Gifting your house while still living there will not avoid an Inheritance Tax Charge.
Despite the fact that inheritance Tax is payable on death with clever financial planning and an effective will your Inheritance Tax liability can be legally reduced or even avoided altogether.
Planning in advance is important for many reasons- in particular gifted assets still retain a possible liability for seven years. It may also be important to take steps while you are in good health.
With good financial advice and planning ahead, there are a number of ways of reducing your exposure to Inheritance Tax, such as:
Inheritance Tax Planning is specialized that requires an expert in the field. We can arrange for our clients to receive all the Inheritance Tax Planning they require guiding them through the maze and explaining it all to them in plan english so they understand.
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