..:: Estate Planning ::..

IHT – INHERITANCE TAX

The Misconception – IHT is only paid by the rich

The Truth - IHT is paid by the unprepared!

Roy Jenkins, former Chancellor of the Exchequer described IHT as: -

“A VOLUNTARY LEVY paid by those who distrust their relatives more than they dislike the Inland Revenue.”

Did you know?

:: Most couple's wills ACTUALLY INCREASE IHT liability!

:: IHT is charged at 40%

:: In the tax year 2002/03 the Inland Revenue levied £2,356,000,000 in IHT

:: Research by a leading bank estimates that 1.4 million households will pay IHT this year

:: The nil rate band (the amount before IHT is paid) only rose from £252,000 in 2002/03 to £255,000 in 2003/04 -

- a rise of only 1.12%
- the average house value has risen by 17% in the last year (Source Nationwide)

:: 1999 - 1 in 40 households were liable to IHT, 2009 - this is forecast to be 1 in 8

:: IHT must be paid within 12 months of death and before the beneficiaries receive a penny.

:: IHT is paid on Worldwide assets

The Solution

Discuss your needs and concerns with one of our fully qualified advisers!

There is no single solution or answer to how best to reduce and/or eliminate IHT so our advisers will customise their recommendations to your personal circumstances.

The most important thing to do is to start to plan – You are never too old or too young.

Estate Planning and Legal Advice

Property prices have boomed and as a result more and more people now fall into the clutches of the Inland Revenue when it comes to paying Inheritance Tax (I.H.T)

The current exemption limit is £263,000 and any estate excess of that amount will be taxed at 40%. For married couples a simple “will trust” can save I.H.T. we will organise an appropriate will for you through our associated legal representatives.