No one likes thinking about their own death, but there’s good reason to consider what will happen to your family once you’re gone; inheritance tax (IHT). This is no longer something which affects the very wealthy, but the good news is that there are ways to potentially reduce or avoid a hefty tax bill for your family to face.
The current inheritance tax threshold is £325,000 per individual, plus the ‘main residence’ band of £175,000, subject to eligibility, giving a total allowance of up to £500,000 per person. On death, assets up to the value of this limit can be passed to their heirs before inheritance tax is payable. If the value of the estate being passed is in excess of the available threshold, the excess value is usually subject to inheritance tax at 40%.
Luckily there are ways to reduce or eliminate your family’s inheritance tax liability. Seeking professional advice may mean you don’t miss out on opportunities to ensure your legacy is as tax efficient as possible.
Follow this link to have a friendly, no-obligation conversation with me about your options when it comes to reducing or avoiding inheritance tax.
Check my diary for availability: https://calendly.com/david-s-shepherd
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
An Appointed Representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority).
WHAT I DO: I work to Inform, Educate and Uncomplicate busy professionals in aligning their money with their life through fiduciary financial planning.
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