Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.
In the event of your death, your beneficiaries could pay inheritance tax at 40% on the value of your estate (the property, money and possessions) above £325,000. Inheritance Tax may also be payable by the people you give gifts to if you give away more than £325,000 and you die within 7 years.
If you’re married or in a civil partnership and your estate is worth less than £325,000, you can transfer any unused threshold to your partner when you die. This means their threshold can be as much as £650,000
Seeking expert advice now will give you peace of mind that you are protecting your assets for your family in the future.
We will work with you to identify ways to minimise your inheritance tax liabilities, reviewing your estate, including your personal and business assets, and your will, to ensure that it is as tax-efficient as possible.
We’ll also look at tax-minimisation opportunities, including trusts, and advise you on ways to make best use of the gifts and exemptions allowed under the inheritance tax regime, including lifetime and annual gifts. We can also advise on life insurance policies written in trust, which removes the proceeds of the policy from future inheritance tax liability.
Call now to speak to a business advisor on 020 8732 5577 or send us an email on info@hallysandco.co.uk to arrange a free, no obligation consultation.
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