Without tax planning, many people will pass away with a substantial part of their estate being liable to inheritance tax.

Inheritance tax is currently payable on all estates over the value of £312,000 at a rate of 40%.  In some circumstances, the tax liability payable from the estate (particularly on property) may leave the beneficiaries with no other alternative than to sell the assets.  It takes away their choice on whether or not they wish to retain the property.

Your estate includes the value of your property, any savings in banks or building societies, shares and investments, life policies and personal belongings. 

You may think that the £312,000 threshold is a relatively high figure however, the sudden increase in property prices over the last few years may well bring a lot of people within this bracket.

Although assets passing between husband and wife/registered civil partners are tax exempt, this will only postpone tax liability, as tax will be payable on the estate of the surviving spouse/partner.

Why not make an appointment with one of our specialist team, whereby we can provide you with advice to ensure that you pay as little inheritance tax as possible.

For a free initial appointment without obligation, contact Nikki Barnes on 01744 457151 or nikki.barnes@sthelenslaw.co.uk