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Inheritance tax has been described as ‘Voluntary’ for the very wealthy (because they can afford to give wealth away during their lifetimes), but a serious problem for the merely comfortable (because they need to keep personal wealth to fund their retirement).
Large numbers of ‘comfortable’ people have found that historical increases in property values mean that their estates will be a liable for IHT when they die.
IHT is currently payable where a personals taxable estate is in excess of £325,000. Therefore, if you own your own house and have some savings, life assurance policies or other assets, your estate could be liable.
When you die, tax will be payable on the combined value of your death estate and any gifts made in the preceding seven years which have not qualified for one or other of the lifetime gift reliefs.
The tax payable from your estate, so if you want to make sure that the taxman’s slice is kept to the minimum, you need to start planning now.
We can help you put together a personal plan for minimising the IHT on your estate, using one of more of the following key strategies:
If you would like more information on our Inheritence Tax Service, or would like to speak to us direct then call us on 01952 261016. Or if you would prefer, ask us a question online.
Why not contact D E Ball & Co Limited today for more information or a FREE no obligation quote.
On 5 November, Chancellor Rishi Sunak announced that as part of the new national lockdown the Coronavirus Job Retention Scheme (CJRS) has been extended until the end of March 2021.
The government has increased the support available to self-employed workers and extended its emergency business loan schemes.