Inheritance Tax and Inheritance Tax planning
Inheritance tax is due if your estate, including any assets held in trust and gifts made within seven years of death, is valued over the current Inheritance Tax threshold. The tax is payable at 40 per cent on the amount over this threshold. Fortunately, a range of steps can be taken to reduce this exposure, and cut the amount you are liable to pay. These vary depending upon when you initiate the process, and what sort of approach you wish to adopt.
At Haywoods we are here to ensure clients manage their estates in a tax efficient manner, thereby reducing or even negating any potential Inheritance Tax liabilities.
Should you be concerned that your estate is over the Inheritance Tax threshold (please see our tax tables for the current rate of IHT) or would like to start planning early please contact us on 01204 398849, or click here to send an email.