Inheritance Tax
Inheritance Tax Planning in Bromley
Let us help you make a significant reduction on your inheritance tax liability
Inheritance tax (IHT) is a tax that may be due on an estate when someone dies
Your 'estate' is everything that you own at the time of your death, such as Property,
Investments, Money and Possessions.
You can deduct from this amount anything that you owe, such as any outstanding loans or mortgages, unpaid bills, as well as funeral expenses. Sometimes IHT will be payable on assets you may have given away during your lifetime.
For the majority of people, there will be no inheritance tax to pay because they fall into the nil rate band. However as house prices have soared, many individuals and couples will find themselves over the current threshold. In this case tax planning is essential.
The current threshold for married couples is £624,000. For individuals, the threshold is £312,000. If the total value of your estate exceeds the appropriate figure, tax will be due on the balance at 40%, which means that £400.00 in every £1,000.00 will go straight to the Taxman.
Inheritance Tax Planning is a complex area requiring specialist advice, if you want to reduce your potential inheritance tax bill contact us right away.