Inheritance Tax - The Voluntary Tax! Not many people give inheritance tax a second thought, believing that it is something only the wealthy need worry about, but did you know that on death, Inheritance Tax is levied on an individuals estate above the tax threshold of £325,000 (£650,000 for couples assuming the first allowance has not been used on first death). That may sound like a lot of money, but for many people their taxable estate could include the value of their homes, investments and other possessions and as such, it is easy to see how Inheritance Tax can actually affect you and the people you care about. One important point regarding Inheritance Tax that many people are unaware of, is the fact that the Inheritance Tax Bill payment often has to be settled before the proceeds of an estate is released to the intended beneficiaries. Imagine if you wanted to leave your home to your children only for them to have to borrow money to pay the tax due, they might then have to sell your home to repay the loan needed to meet your tax bill! There are options to help you reduce or perhaps even eliminate your potential inheritance tax liability altogether. For expert guidance and professional advice, ensure you speak to an Independent Financial Adviser. Please note: The FCA does not regulate some forms of inheritance tax planning.
Posted on: Fri, 20 Sep 2013 17:13:55 +0000