Supportive Financial Planning

Inheritance tax planning

Are you going to pay Inheritance Tax - or are you planning not to pay Inheritance Tax?

During our life we build up savings in different forms so that we can look after ourselves in our old age and because house prices have grown at a faster pace than the modest increases in the Inheritance Tax allowance, more people than ever before face the prospect of the Inland Revenue taking money from their estate, leaving less for their family and loved ones. It will now, of course, be possible for married couples or couples in civil partnerships to benefit from both parties' tax-free allowances. Previously, a surviving spouse or civil partner could only benefit from one nil rate band on their death unless they had completed tax planning during their lifetime (e.g. by completing discretionary trust wills). Now the estate of the surviving spouse or civil partner can benefit from two nil rate bands: this can be achieved by the personal representatives of the estate of the surviving spouse or civil partner claiming the unused nil rate band of the first to die.

Many people want to take positive steps during their lifetime to reduce what is lost to their family and loved ones in Inheritance Tax. There are many options available, from effective use of wills, exemptions and trusts. Owing to recent tax changes it is now even more important to plan ahead and you should therefore take advice sooner rather than later.

We can help you. We can review your existing arrangements and help you to pass on more of your estate to your family and loved ones.