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Inheritance Tax Planning

Inheritance Tax

During one’s life wealth is usually created though hard work, inheritance or general accumulation and growth of assets over time. Whilst preserving that wealth, and receiving an adequate income from it are generally the most important priorities, another key question is how you pass that wealth to your children or beneficiaries without a substantial tax liability.

With the changes to legislation in 2007 meaning Inheritance Tax allowances may be passed to spouse, many people think Inheritance Tax doesn’t apply to them anymore. However with the freezing of the Inheritance Tax allowance for several years many people may again be caught in the Inheritance Tax net.

Inheritance Tax is currently levied at 40% over the available allowance(s) and with better planning many could significantly reduce the amount of tax their estate will pay.

We can conduct an assessment of your estate’s inheritance tax liability and advise on the potential options for reducing this liability. In many instances this may be done without reducing the income being provided, so you might not have to adjust your lifestyle in order to avoid losing a large percentage of your estate to this tax.

The Financial Conduct Authority does not regulate taxation advice