Inheritance Tax Planning

Inheritance Tax, or IHT as it is commonly known, is a tax on money or possessions you leave behind when you die. The current individual tax-free allowance is £325,000 and this has been frozen by the Government until April 2021. Above this amount anything you leave behind is subject to tax of 40%.

In April 2017, an additional 'nil rate' band came into effect, where a residence is passed on death to direct decendants, making an additional £100,000 available tax-free, subject to conditions.  

For Inheritance Tax planning purposes we normally discuss the benefits of the following with you:

  • Will Planning
  • Gifting
  • The use of Trusts
  • Life Cover

Portland Financial Planning will always encourage you to involve the family members affected by discussions in this area, to ensure that everyone has a full understanding of what is decided and the implications of these decisions. We also work actively with other professionals qualified in this area, such as solicitors and accountants.

If you're looking for Inheritance Tax planning advice or just to talk to someone about IHT planning, please contact or call 01743 365 813.

Ben Walters (DipFA MIFS) Principal, 95 Highfields, Shrewsbury, Shropshire SY2 5PJ

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