Your Tax Office can help you assess your potential liability to Inheritance Tax and help you plan to reduce it. This service could help you make sure more of your hard earned assets are kept out of the hands HM Revenue.
What is Inheritance Tax?
Inheritance Tax is no longer a tax paid only by the rich, as it used to be thought. UK legislation currently allows the first £325,000 (2012/2013 tax year) of your estate to be free from Inheritance Tax. Everything over and above this amount is subject to 40% tax when you die. That's 40p out of every pound!
When you add up the value of your house, savings, investments and other belongings, you may be surprised by how much your estate is actually worth and therefore could be looking at a hefty tax bill. With the general rise in house prices, in 5 or 10 years time the value of your estate is likely to be a great deal more.
Why avoid Inheritance Tax?
Do you know who will get the most from what you leave behind?
- Your family?
- Your friends?
- The Taxman?
The aim of our Inheritance Tax Planning Service is to make sure as much of your estate as possible goes to your family and friends. The good news is that in most cases Inheritance Tax (IHT) can be reduced or eliminated altogether through careful planning and by using a variety of available solutions.
Everyone's situation is different therefore it does take a certain amount of skill to identify the most appropriate solution for a particular set of circumstances. This can be an extremely difficult task for most people to handle alone so Your Tax Office offers this service using highly experienced advisers in providing IHT advice and solutions.
IHT Revenue was a record £1.7bn in the first half of 2011; will you be giving generously to the HM Revenue?
Need advice? Call us today on 0845 867 9294 or fill out our contact form.