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Inheritance Tax Planning

Inheritance Tax Planning

What is it?

Inheritance Tax is a tax on the Estate of someone who had died. Inheritance Tax planning is where we help you review your Inheritance Tax position and advise you on the expected Inheritance Tax liability on your eventual death, based on your current circumstances. We will advise on ways to minimise the potential liability and maximise the available reliefs and exemptions.

Who is it for?

Each estate will need reviewing to see if Inheritance Tax is payable, but normally there is no Inheritance Tax to pay if the value of your estate is below the “nil rate band” threshold of £325,000 or you leave everything above the £325,000 threshold to your spouse, civil partner or charity.

If your estate is above these thresholds, Inheritance Tax may be payable and it will be beneficial to take planning advice. If you have assets which are likely to increase in value, then inheritance tax planning may also be beneficial.

What’s at stake?

Effective Inheritance Tax Planning could help you/your estate avoid having to pay Inheritance Tax at 40% on death.

What should I do next?

If you would like our help with your inheritance tax planning, please contact Liz Higgins our Head of Private Client Tax.

 


First Published 3 November 2020
Last Updated 3 November 2020

3 November 2020
First published.

 


This is for information purposes only. No action should be taken without seeking specific professional advice. Thank you.

Find out more about Liz Higgins

Liz Higgins

Liz Higgins

Liz is the Head of Private Client Tax at Critchleys LLP.

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