How can I reduce my Inheritance tax bill?
It is important that we all pay our taxes, but do we want our loved ones to pay more tax than they need to? If the answer is no, then it is worth looking at inheritance tax planning which can provide you with legal advise on how to legitimately reduce the amount of tax that is payable against your estate when your loved one(s) inherit your estate after you have passed away.
The amount of inheritance payable depends on the overall value of your estate which includes everything that you have accumulated during your lifetime i.e. money in your bank account(s), savings, properties, shares or life insurance excluding any debts.
Estates will be subject to 40% tax if the value of your estate is above £325,000 and your civil partner, spouse or charity is not the named beneficiary. Depending on your personal circumstances the £325,000 tax-free cap could be hirer. If you leave money to a Charity, then the percentage of tax could be reduced. To find out about your circumstances contact us to find out more.