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Find out all about average inheritance tax liabilities (IHT) and key information on Wills, Trusts and Probate in Camden.
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This page covers inheritance related issues of specific interest to residents of Camden, including:
About Camden properties and Inheritance Tax
Camden has some of the most expensive housing in the country and, as such, some of the largest IHT liabilities.
IHT is calculated at 40% over the Nil Rate Band. This currently stands at £325,000 per person.
In 2019 flats sold in Camden for an average of £765,000. Terraced houses sold for £1,956,000. Semi-detached properties fetched £3,315,000.
Here are some recent examples of how much inheritance tax a single person would pay in Camden based on these figures.
IHT liability based on average property values
Remember that these figures are only based on average property prices. If you have savings, pensions, investments and valuable possessions such as jewellery and art then your IHT bill would be considerably more.
How can I reduce my IHT liability?
These figures are extremely high and well over the national average.
There are steps you can take to help manage your IHT liability more effectively and reduce the overall amount that your family will have to pay HMRC when you die.
In the first instance, you should speak to one of our Will consultants who can advise you on the best course of action for your individual circumstances.
Wills and Guardianship
Havin Guardianship in your Will is extremely important if you have children. Guardianship specifies to the courts how you wish your children to be cared for in the event of your death. Without this information, it is left for the Courts to decide and a judge will ultimately have the final say on who takes responsibility for them.
Lasting Power of Attorney
An LPA is a legal document that gives someone you trust the authority to act for you if you become too ill to do so for yourself. This includes things like paying bills, speaking to the bank and making important decisions about medical treatment.
It is important to get an LPA while you are healthy as it is not possible to get one if you are deemed to have already lost mental capacity.