How can I be sure I’ve maximised my tax allowances?
Where an individual’s net estate (which includes any gifts made within the 7 years prior to their death) exceeds the allowable tax-free amount (“Nil Rate Band”) (currently £325k and frozen until at least 2021) then Inheritance Tax is payable at a rate of 40% on anything in excess of this. This equates to 40p in the pound.
If you are concerned that the value of your estate may be taxable upon death then you should ensure that you maximise your tax allowances throughout your lifetime and also within your Will.
Inheritance Tax Planning with Assist Law
We provide access to expert advice on Inheritance Tax Planning.
This includes the most current guidance on the giving of tax-exempt Lifetime Gifts, using your Nil Rate Band most effectively, and the use of Discretionary Trusts in specific cases.
We help you review your plans, so you can make alterations should either tax regulations or your circumstances change. By planning ahead now, you can help minimise both the amount of tax payable on your assets and the administrative burden for your loved ones when you die.
Call us or email our care team to talk about how we can help