a call on:
0800 29 88 66 1
Find out all about average inheritance tax liabilities (IHT) and key information on Wills, Trusts and Probate in Barnet.
To find out more about our individual services please select from the following options
About your property and IHT
Barnet is one of the most densely populated parts of London, with 331,500 inhabitants. Most of the property sold in Barnet is either flats or apartments. The average price for these in 2016/17 was £426,335.
Terraced houses sold for an average of £671,421 and semi-detached went for an average price of £783,798.
House prices have risen by an average of 11% over the last two years.
What does this mean for you?
IHT is calculated at 40% over the Nil Rate Band. This currently stands at £325,000 per person.
So based on average property prices, your property’s IHT liability could be the following:
Apartment = £40,534
Terrace = £138,568
Semi-detached = £183,519
How can you reduce your IHT liability?
If you are concerned about the amount of IHT you could be liable for, the best thing to do is speak to a Wills & Probate expert.
There are lots of ways to manage this properly so that you and your family do not end up paying more than you should.
You’ll need to book an appointment to discuss this face to face as everyone has very different individual circumstances.
What other inheritance products should I consider?
If you are a private home owner it is essential that you have a Will that specifies what should be done with your property in the event of your death.
What if I don’t own my own property?
Even if you don’t own a property, you may still be liable for inheritance tax if you have assets in excess of £325,000.
Wills and Families
A Will does more than just specify who you leave your money to. It can specify Guardianship so the Courts are able to take your wishes into account when deciding on how to look after your children if they are orphaned.
You can also use Trusts within your Will to make sure that vulnerable family members are cared for. Trusts are also a great way of ensuring that your property gets passed on to your children in the event of your partner remarrying later on.