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Providing a guide to ensure your finances and assets are managed to safeguard your future generations.
It may come as a shock to discover that a large proportion of your wealth might be subject to Inheritance Tax when you die. This includes all of your assets such as the family home, investments, life assurance plans not in Trust and even old family heirlooms.
Your estate will be subject to IHT if, when you die, if it exceeds the individual nil-rate band which currently stands at £325,000. Calculating how much your family will have to pay is often, although not always, simple.
Count up the value of all the assets, subtract the nil-rate band and the RNRB if applicable and what is left will be taxed at up to 40% – paid for by your estate. If your spouse dies before you without fully using their nil-rate band, the unused amount can be carried forward to use when you die. The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.
Careful IHT planning is all about passing as much of your estate as possible to who you want to receive it, rather than to HMRC. It’s also about maintaining flexibility and control over any arrangements that are made.
