Inheritance Tax

Inheritance Tax (or IHT) is a tax levied on your estate when you die. Your estate comprises all your assets (cash, bank accounts, investments, your home and any other property), whether in the UK or overseas less liabilities (mortgage, funeral costs etc).

There is an exemption for estates with a value of below £325,000 (as of the tax year 2018/19) and for transfers between spouses. As a result of these allowances, many people become complacent about the impact of the tax. But once you consider the value of your property, given the sustained price rises in the last 20 years, more and more people are being caught in the IHT net than ever before.

The good news is that with good advice you can structure your finances to ensure you do all you can to ensure you dependents receive as much of your estate as possible, usually without affecting your current lifestyle. But it does take good planning to achieve the most benefit and the sooner you talk to an adviser about the opportunities the better.

At Gravel Hill Wealth Management, we understand that this can be a difficult subject to tackle for many people. Our professional but friendly approach will help you to fully understand how you can ensure your money passes to the people you want in the most efficient way.

Why not contact us for an initial free consultation, where we can explain the key issues you need to consider?

The Financial Conduct Authority does not regulate taxation advice.

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