Inheritance Tax
What exactly is Inheritance Tax?
Inheritance Tax principally is tax paid as a result of your death on all your estate: house, savings, car, antiques, household items, life policies, cash lump sums, inheritance from parents etc. The first £325,000 is paid at a nil rate of tax – The Nil Rate Band. Everything over £325,000 is taxed at a rate of 40%.
So, on a total estate of say £400,000, there could be a tax bill to be paid of over £30,000. This is money that you will not be able to leave to anyone except the taxman! What could your children do with this?
The very bottom line is whether you would rather give your hard earned money to the taxman or to your children/grandchildren.
How can you mitigate Inheritance Tax?
There are a number of tried and tested ways to reduce Inheritance Tax.
Is it legal?
It certainly is! There are a number of legal methods to mitigate a huge amount of Inheritance Tax.
We would welcome the opportunity to show you how to save this major tax bill (which would also dramatically affect your children).