UK Inheritance Tax & Estate & Succession Planning

UK Inheritance Tax & Estate & Succession Planning


Inheritance Tax is a tax that is payable to the government when wealth is gifted either during your lifetime or on your death.


The current Inheritance Tax threshold for the 2011/2012 tax year is £325,000 and this allowance is known as the Nil Rate Band.  If the total value of your assets is more than the Nil Rate Band it is possible that Inheritance Tax may be payable on the value of your assets over this amount.  Inheritance Tax is charged at 40%.


Inheritance Tax payable on death and calculated is on the value of your “estate” when you die.  This will include:


• Everything you own at the date of your death e.g. your property, bank accounts, investments, personal belongings, business assets, life insurance policies and pensions
• Your share of anything owned jointly with your spouse or any other person.
• The value of any trust fund from which you are entitled to benefit e.g. receiving an income
• The value of any gifts made by you in the last seven years before you die and which are not covered by any exemptions
• The value of any assets which you have given away but still get a benefit from e.g. if you give away a house and still live there


There are some beneficiaries who are exempt from paying Inheritance Tax – these exemptions include charities and your spouse/civil partner. Additionally, some assets attract relief from Inheritance Tax, for example Agricultural and Business assets.


If you think that your estate would be liable to Inheritance Tax and are worried about it, the first thing you should do is get legal advice from an Inheritance Tax Solicitor. At Crane & Walton LLP we will advise you on succession planning, how to minimise the inheritance tax payable and how to take advantage of reliefs that maybe available for Business and Agricultural Property.

 

 

 

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