Do you want your family to be left with a large inheritance tax bill?
Inheritance tax is not just for the wealthy. Substantial rises in property values and increases in personal holdings mean that many more people are directly affected by Inheritance Tax.
The impact of inheritance tax on even the most modest of estates can be severe. Inheritance tax is the tax levied by the Government on your estate when you die; a charge of 40% is made on the net worth of everything above the designated threshold, which is known as the Nil Rate Band (NRB), subject to certain exemptions.
It is levied upon everything you own, from all properties, cash savings and investments, personal effects and the value of life assurance policies.
The Nil Rate Band is currently £325,000.
Without effective inheritance tax planning, you could be leaving your family with a very large tax bill when you die.
Typical approaches to reducing Inheritance tax liabilities include:
If you would like to discuss your options, call us for a FREE consultation on Exeter: 01392 344800 or Crediton: 01363 720720