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Inheritance Tax
When contemplating their overall Inheritance Tax position, many people believe the current Inheritance Tax threshold is now £1 million. It might therefore surprise some of you to learn that the basic Inheritance Tax nil rate band allowance is currently £325,000 and this has not increased since 6 April 2009. There are additional allowances which can amount to a total threshold of £1 million however, these allowances only apply in certain circumstances and are not available to everyone. To provide full details would be beyond the scope of this article. However, factors such as your marital status, the value of your residence and whether or not you are leaving your estate to children / step / foster children are taken into account. In addition, the overall value of your combined estate can be relevant and potentially, gifts and other transfers made during your lifetime.
If you have not undertaken a review for some time, it may well be worth you doing so to ensure that you fully understand the Inheritance Tax allowances at present and consider any appropriate tax planning to ensure your estate is administered as efficiently as possible.
At Chattertons we have not only specialist private client solicitors to advise on Inheritance Tax, but also Independent Financial Advisors in our Wealth Management Team who can work together to provide a full and comprehensive service to our clients.