Inheritance Tax Advice
For most people, Inheritance Tax is an issue which only arises when a loved one dies; it is vital to get good Inheritance Tax advice. Inheritance tax is an area that is currently under a lot of scrutiny as the Government looks to make changes. Unfortunately much of the recent change has raised as many questions as it has provided answers. There is a strong chance that the situation may change in Autumn 2017, so watch this space…as they say!
rhw are experienced in providing Inheritance Tax Advice and planning.
- Maximising use of available reliefs and exemptions including business property relief
- Advising on lifetime gifts (including gifts into trust)
- Ensuring that your Will is as tax efficient as possible
- Maintaining the tax benefits of existing trust arrangements
As it stands at the current time:
A certain amount of your Estate can be passed on inheritance tax-free; this tax-free allowance is officially called the ‘nil-rate band’.
In the 2017-18 tax year the tax-free inheritance tax allowance is £325,000.
Your allowance increases to £425,000 if you intend to pass on your house to your ‘children’ and this now includes adopted, foster, stepchildren and grandchildren.
During your lifetime you can give away a certain amount of your money, tax-free and without it counting towards your estate.
Tax planning can also be carried out after a death by way of a deed of variation (within two years of death).
You can also learn about Trusts and Lifetime Settlements here: https://www.rhw.co.uk/wills/trusts-lifetime-settlements/
Please Note. Obviously the situation with regard to Inheritance Tax can and will change according to the policies of the Government in power at any one time, so we always advise you take advice directly from one of our Private Client Team as individual circumstances vary enormously.
You can also check the Government Website directly: https://www.gov.uk/inheritance-tax/overview
To gain the most out of tax planning it is prudent to seek advice as soon as possible from rhw, so contact us to discuss your requirements.