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Find out all about average inheritance tax liabilities (IHT) and key information on Wills, Trusts and Probate in Bromley.
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Your inheritance in Bromley
Property and Inheritance tax (IHT)
The average house price in Bromley was £473,918 in 2016. This was 13% more expensive than the previous year and 23% more than 2014 levels.
However, most of the properties sold in Bromley are apartments, selling for an average of £317,104. Semi-detached homes sell for an average of £559,611.
What’s the average Inheritance Tax liability on property in Bromley?
Average property price (2019) = £473,918
Average IHT liability (2019) = £59,560
When is Inheritance Tax payable?
Inheritance Tax is payable on death. When you die your Estate (your property, possessions and financial assets) goes into Probate and all IHT liabilities are payable before any money is released to your beneficiaries.
How can I reduce by IHT liability?
There are many ways to manage your Inheritance Tax liability and to reduce the amount you have to pay. It’s simply a case of planning ahead properly.
Book an appointment to discuss this with us. Everyone has different individual circumstances, which is why we visit you in your home or place of work on a free consultation basis.
If you are concerned about reducing your IHT liability you can talk to us today on 0800 29 88 66 1
Living in Bromley
Although officially in Kent, Bromley is widely considered a part of Greater London. With great schools, excellent transport links to the capital, fabulous green spaces and reasonably priced property it’s a popular location for young families.
Recommended Products for Young Families
Make sure that you’re Will contains Guardianship. This specifies to the courts who you would like to play an active role in your child’s upbringing if they are ever orphaned. It’s not a nice thing for young families to think about but it can happen, so make sure you make provision for them and don’t leave things to chance.
Other products to consider include:
Lasting Power of Attorney (LPA) – this will allow you to elect someone to legally act on your behalf if you are unable to do so for medical reasons.
Family Trust – Adding a Trust to your Will allows you to have greater control over your Estate if you die. For example, it can ensure that your share of the property passes to your children in the event that you die. This prevents complications should your partner remarry.
Funeral services in Bromley
Funerals in the UK cost an average of £8,000 and this is similar across London. We recommend that you take steps to plan ahead for your funeral and this is something our will writers can discus with you in person.
Keeping active in Bromley
There are loads of ways to keep fit in Bromley. For more information check out Bromley Council’s ‘My Life’ portal for classes, events and facilities near you: