Many estates will exceed the level at which Inheritance Tax (IHT) becomes payable.
With Inheritance Tax payable at the penal rate of 40% the chancellor must view this area as a very lucrative source of revenue.
Currently the Inheritance Tax threshold is £325,000. When you take into account the current value of your home, its contents and other assets you may have, such as savings and a car, your estate might be worth more than you think!
Hypothetically speaking, if your estate is worth £450,000 and you plan to leave it to your family, £125,000 is due to be penalised for Inheritance Tax at 40%. 40% of £125,000 is £50,000. But with careful planning by you, the liability to pay inheritance tax could be reduced and in many cases eliminated. This means that your hard earned cash passes to loved ones and not the taxman. Our Financial Advisers have the expertise to help you.
If you just want to hear all the options available to yourself when planning your estate or feel you have a potential liability to inheritance tax, don’t wait until it’s too late. Please contact our friendly Advisers at Arrow Financial Services. They will take into consideration all of your personal financial circumstances and where necessary take additional advice from other partners such as local solicitors and accountants.
Remember, take advice today. Don’t leave a large portion (or any) of your estate to the taxman. To arrange a free initial, no obligation meeting with one of our Financial Advisers and hear expert information on mitigating an entirely avoidable tax, please contact us by clicking here or call us on Chester 01244 322 330.