We can guide you through the ins and outs of Inheritance Tax, and how to manage it smartly. Inheritance Tax is a tax charged on the value of your assets upon death. The current rate is 40% on Estates over £325,000.00 and £650,000.00 for married couples. There is an annual allowance of £3,000.00 per donor which is not taken into account and certain gifts are exempt e.g. gifts on Marriage subject to maximum allowances. In addition, you can give away as much as you want however this is subject to the 7 Year Rule so that it will be taken back into account as to the value of your Estate if it was given within the 7 years prior to your demise (on a sliding scale).
Inheritance Tax Planning and a well drafted Will can help reduce the liability for Inheritance Tax.