HMRC have provided recent data showing that the IHT (inheritance tax) receipts are continuing to increase.
The current nil rate band is £325,000 (The nil rate band (NRB), also known as the inheritance tax (IHT) threshold, is the amount up to which an estate has no IHT to pay) and this is set to remain the case until at least 2028. In essence, this means that the value of any assets about this threshold will be taxed at 40% (without taking into account any further threshold benefits your particular could take advantage of).
It is imperative that you take advice to ensure that you leave your estate in the most tax-efficient way, as it will only be your Executors (usually your loved ones) having to find the cash to pay a hefty inheritance tax bill.
Whilst I appreciate that it can be a difficult conversation to have, it will be even more painful for loved ones if you leave them with a messy estate for them to tidy up, and whilst they are trying to grieve.
0207 183 4595
The information provided in this article is not intended to constitute professional advice and you should take full and comprehensive legal, accountancy or financial advice as appropriate on your individual circumstances by a fully qualified Solicitor, Accountant or Financial Advisor/Mortgage Broker before you embark on any course of action.
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