Are you liable for IHT?
Inheritance Tax (IHT) applies to everyone. If you have assets (including your family home) over £325k (£650k for married couples) you’re liable.
Over the Inheritance Tax threshold?
Anyone who owns a property in London or South East England is likely to face an IHT liability and have to pay some inheritance tax.
The Inland Revenue receives 40% of your estate over the Nil Rate Band unless you plan in advance.
The Nil Rate Band currently stands at £325,ooo for a single person and £650,000 for married couples.
But with the average price of a family home in London already way above the £650,000 threshold for married couples, most homeowners will be liable.
Remember that this figure applies to your entire estate, not just your property, so you need to factor in everything from pensions, savings, cash, jewelry and investments to overseas property.
Act early, act now
There are many ways in which both couples and individuals can minimise their inheritance tax liability.
We can help you plan to minimise, or sometimes even eradicate, any potential IHT liability.
This will allow you to pass as much of your estate as possible to whom you choose rather than the Inland Revenue.
For further information please contact us on 0800 29 88 66 1 or email firstname.lastname@example.org.