Inheritance Tax

If your individual estate is worth more than £325,000 (£500,000 if including the Residence Nil Band Rate – RNBR) and you have not put in place any inheritance tax planning measures, your beneficiaries could have to pay up to 40% tax on any monies in excess of the threshold.

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With more and more families falling into the inheritance tax bracket due to the rise in house prices it is important to have an effective plan in place to ensure your beneficiaries, and not the government, receive as much of your wealth as possible.

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There are many ways to reduce the amount of inheritance tax that your beneficiaries may need to pay using trusts, exemptions, gifts etc. but the most important thing to do is to make a plan which can adapt to your changing circumstances.