Inheritance Tax Planning
Do I need to worry about Inheritance Tax?
With the substantial growth in house prices over recent years, more people than
ever before are facing the prospect of a charge to inheritance tax (IHT) arising
on their deaths.
Broadly speaking, IHT is currently charged at a flat rate of 40% on the value of
a deceased person’s estate over and above the so-called “nil rate band” which from
6 April 2009 is £325,000. That tax free amount may be reduced if the deceased made
gifts in the 7 years before his or her death (earlier gifts can also be taken into
account in some circumstances).
However, there are also some exemptions and reliefs which may apply. In particular,
gifts to charities or to a husband or wife are normally exempt from IHT and business
or agricultural assets may qualify for relief at 50% or 100%.
How can we help?
There are various ways in which a potential IHT liability can be reduced, for example
by making certain provisions in your will or giving some of your assets away during
your lifetime. This is a complex area but our experienced staff will be able to
guide you through it.
We can also work in conjunction with our Financial Services Department which can
give financial advice in the
context of IHT planning, for example on protective products to meet any potential
IHT liability.
Contact Us
For further information please e-mail private.client@chattertons.com or if you would
like to arrange an appointment to see one of our Wills & Probate specialists, please
contact a member of the Team either by email or telephone from the details given
below.
Mortgages
Your home may be repossessed if you do not keep up repayments on your mortgage.
Investments
Investments and Pensions: Please remember that past performance is not necessarily
a guide to future returns. The value of units and the income from them may fall,
as well as rise. Investors may not get back the amount originally invested.
Equity Release
Equity Release Mortgages: This is a lifetime mortgage. To understand the features
and risks, ask for a personalised illustration.
Regulated by the Solicitors Regulation Authority. Authorised and regulated by the
Financial Services Authority
Contact Us
For further information please e-mail
private.client@chattertons.com or if you would like to arrange an appointment
to see one of our Wills & Probate specialists, please contact a member of the
Team either by email or telephone from the details given below.
Contact Details
Private Client Team