Inheritance Tax is charged on your estate (usually your property, money and possessions) when you pass away.
UK Inheritance Tax currently stands at a staggering flat rate of 40% and can have a significant impact on your heirs. Having worked hard over the years you may find yourself in the fortunate position of owning a property, and holding both capital reserves and a portfolio of investments. After building up your estate and assets, it can be worrying to find that your beneficiaries may face a substantial Inheritance Tax (IHT) bill after your death.
Yet it is possible to reduce your exposure to IHT. In fact you can and should view it as something of a ‘voluntary’ tax as its impact can be mitigated.
This guide explores how, through forward planning, and by using relevant tax and investment solutions, it is possible to reduce Inheritance Tax, or even remove it totally.
What you’ll learn in this guide:
How Inheritance Tax is charged
The IHT rates and allowances currently in place
Whether you and your family will face an IHT bill
The significance of domicile when IHT planning
How gifting can help reduce an IHT bill
An explanation of the Nil Rate Band and why it matters
How Inheritance Tax is applied if you are married
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