For many of us, especially living in the South East of England, that is all it takes to push us over the limit for Inheritance Tax which is currently £325,000 each.
It has often been said that Inheritance Tax is a voluntary tax. It is usually relatively easy to work out what your Inheritance Tax liability is as it’s 40% of everything over £325,000. Of course, there are certain exemptions and allowances that you can use to reduce this figure.
In addition there are Inheritance Tax saving solutions which over the years have helped our clients to reduce their Inheritance Tax bill if not eliminate it altogether.
How much of your money goes to the government when you die and how much goes to your children and grandchildren will depend on the plans you have in place to make sure the money ends up in the right hands.
At Capital Solutions we have vast experience in providing professional financial advice about Inheritance Tax Planning. Through Openwork, we have an extensive range of Inheritance Tax savings ideas which will help you to shelter your capital from the tax man and allow your family to benefit from the money you have accumulated over a lifetime.
For a no obligation chat please call 01582 343090 or e-mail us.
HM Revenue & Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.