Inheritance Tax
You will pay 40% tax on everything you own unless you make your Will more tax efficient.
Are your assets worth more than £325,000?
On death, your estate will be subject to Inheritance Tax. The first £325,000 is taxed at nil percent known as the Nil Rate Band. Thereafter, you will pay 40% tax on everything you own unless you make your Will more tax efficient.
If you are a married couple or in a civil partnership, recent announcements by the chancellor in his pre-budget report will now allow the surviving spouse or civil partner to utilise both sets of nil rate allowances on second death as long as this was not used by the first spouse or civil partner to die.
Another solution to tax planning is a Nil Rate Band Discretionary Trust Will prepared by our Wills department, which could limit your liability to Inheritance Tax. A Nil Rate Band Discretionary Trust Will utilises the Nil Rate band available on First Death.
If you want to make sure of the future for your loved ones then give us a call on 01604 828282 or 01908 660966. Alternatively you can fill out our online contact form for immediate completion and send it to us. Our Wills and Probate department are always on hand to help.
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