Inheritance tax (IHT) no longer affects only the very wealthy. More and more people are becoming liable to IHT, and without the right plans in place, you may find that a large part of your estate, which includes your home, pensions, investments and savings, has to be sold to meet the tax liability when you die.
The first £325,000 of your estate falls within the ‘nil-rate band’, (which is frozen until the 2021/22 tax year) and is not liable to IHT. Anything above that is taxed at a flat rate of 40%. This can have a devastating effect on your estate, and could see the tax man being the biggest beneficiary of your wealth.
With our inheritance tax planning expertise, we can help you to both consider your liability and find solutions to reduce the tax payable, which can make a real difference to you and your family. The sooner you take action, the greater chance you have of protecting your estate and leaving your legacy in the hands of those you love. Please contact us today for inheritance tax planning services in the Clevedon, Somerset area.