Inheritance Tax

Inheritance Tax Service

On this page

What is Inheritance Taxt?

Inheritance Tax (IHT), also known as the Government Death Tax, is a tax on the estate (the property, money, and possessions) of someone who has passed away. IHT is levied at 40% and can cost your estate thousands of pounds when you die, If you’re concerned about rising property prices pushing your estate into a potential inheritance tax bill, you’re not alone.

Who is inheritance tax for?

Inheritance Tax affects many families, particularly due to the steady increase in house prices over the past few decades. If the value of your assets, including cash, savings, property, and investments, surpasses the inheritance tax threshold, your estate may be liable for this tax. It’s important to assess your potential liability, especially if your assets are exceeding the nil rate bands (the tax-free amount).

What are the Benefits of Inheritance Tax Planning?

Legitimate Tax Reduction

We can help you legitimately reduce or even negate the Inheritance Tax liability. This means you can pass on your hard-earned assets to your family as you intended, without a significant tax burden.

Protecting Your Assets

By implementing Inheritance Tax planning, you can protect your assets from unnecessary taxation, ensuring your loved ones receive the maximum inheritance possible.

Utilising Allowances

You can take advantage of various allowances and exemptions, such as the residence nil rate band, which provides additional tax relief when passing on your main residence to direct descendants.

How Much Does Inheritance Tax Planning Cost?

The cost of Inheritance Tax planning can vary based on your specific needs and circumstances. To understand the fees and options available, please contact Pro-Wills. Planning ahead for Inheritance Tax is a wise step to safeguard your assets and ensure your family inherits what you’ve worked hard for.

There are various strategies to minimise your Inheritance Tax liability, such as making annual gifts, putting assets into trusts, considering life assurance, charitable donations in your will, and certain investments that can take assets outside of your estate.

julie memmory will writer dereham circle light

Speak with Julie

To discuss Wills, Lasting Powers of Attorney, Trust and Inheritance Tax, book a consultation call with me.