SERVICESInheritance Tax Planning
UK inheritance tax (IHT) is a tax charged on your estate when you die. Your estate is basically everything you own, including your main property, any other properties, cars, boats, life assurance policies, life bonds and other investments, as well as personal effects such as jewellery.
IHT is potentially charged at a rate of 40% on the value of everything you own above the nil-rate band threshold.
The nil-rate band is the value of your estate that is not chargeable to IHT. The amount is set by the government and is currently £325,000 which is frozen until April 2031. The nil-rate band does not apply to spouses and civil partners as they are exempt from paying inheritance tax on the estates of their significant others. This is also true of other qualifying beneficiaries, such as charities.
In addition, if you leave your home to direct lineal descendants which includes amongst others your children (adopted, fostered and stepchildren) and grandchildren. The value of your estate before tax is paid, will increase with the addition of the residence nil-rate band. The residence nil-rate band is set at £175,000.
Estate Planning, Trusts and Taxation advice are not regulated by the Financial Conduct Authority.
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Company Registered in England and Wales No. 4323273.
Company Registered Address: Honywood Farm, West street, Lenham, Kent, ME17 2EP
© 2024 Allied Luptons Chartered Financial Planners Limited. All rights reserved.
Allied Luptons Limited is an Appointed Representative of Blacktower Financial Management Limited and a member of the Nexus Global (IFA Network) which is a trading name of Blacktower Financial Management Limited who are authorised and regulated in the UK by the Financial Conduct Authority, registered number 188611. Blacktower Financial Management Limited is registered in England and Wales. Registered office: Fetcham Park House, Lower Road, Fetcham, Surrey, KT22 9HD. Registration number: 3500648
Allied Luptons are entered on the Financial Conduct Authority register (www.fca.org.uk/register) under reference number 218436
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