Failing to make clear your wishes in a Will can be detrimental in terms of your assets and where you want them to go, this approach can also leave your family with an unexpected and unwanted tax bill.
Inheritance tax (IHT) is payable at a rate of 40% on the value of your estate above the current £325,000 threshold. IHT changes this year mean you can claim an additional allowance of £100,000 to offset the sale of a family home after death. This will eventually rise to £175,000 per person by April 2020. However, you can only use the allowance if you are passing your home to your children or grandchildren, not any other relatives.
Many people aren’t aware that there are steps they can take to improve their family and personal outcome of assets, writing a will and making use of annual allowances and reliefs can help reduce IHT bills.
IHT planning can be complex, but it’s also important to seek professional advice if you’re unsure how to proceed. Bear in mind too that even if you have written a will, it may need updating, if for example, you’ve got divorced or have had children.
The Will Protect team of tax specialists can assess your current tax arrangements and compile a report on the potential savings you could make through Capital Allowance, all with the approval of HM Revenue and Customs (HMRC).
Our cost effective, expert and specialist tax advice is crucial to ensure you maximise potential savings. Our team of experts follow and understand the ever changing tax landscape and their proactive tax planning is essential to identify and claim for all possible allowances.
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