When someone dies, the value of their property and assets has to be declared to HMRC and if that value exceeds the nil rate band then the estate usually has to pay Inheritance Tax on the value of those assets above the Inheritance Tax threshold. The current threshold is £325,000 and the tax rate is 40%.
As property prices in the UK have increased, more and more people have become liable to pay Inheritance Tax.
The payment of Inheritance Tax can take a sizable chunk out of the value of your assets which you would otherwise wish to pass to your family or loved ones.
There are a number of legal methods by which you can potentially reduce your Inheritance Tax liability.
These do require advance planning so it is critical to see one of our experienced Solicitors for advice on how to achieve this.
You may be able to:
We offer a free consultation to clients interested in exploring the possibility of minimising their Inheritance Tax liability. Please contact us for a consultation.