Inheritance Tax (or IHT as it is commonly known), is paid on the value of the assets that a person leaves behind when they die. The current individual nil-rate band is £325,000. If you leave anything above the amount is liable to inheritance tax of 40%.
We help to untangle IHT Planning we discuss:
There is an additional allowance called main residence nil rate band that was introduced in 2017 giving an additional £175,000 on top of the £325,000 if you pass your main residence onto your child or grandchild. Meaning a couple could leave up to £1,000,000 of inheritance tax free to their beneficiaries.
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.
For more information about inheritance tax planning and advice or just to talk to someone about IHT planning, please contact our team today.