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 UK inheritance tax. The amount is set by the government and
is currently £325,000 which is frozen until 2026. When you die your estate is not liable to tax on any assets up to this amount. However, anything over this amount could be taxed at a rate of 40%.
In addition, since 6 April 2017, 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. For the 2020/2021 tax year, the residence nil-rate band is £175,000.
Estate Planning, Trusts and Taxation advice are not regulated by the Financial Conduct Authority.

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