Inheritance Tax (IHT)
A Tax paid to the Government on death based on the total value of assets of that person. Assets include all property, contents of house, car, investments and bank deposits.
An allowance is given to single people and married couples upto which no IHT is taken.
Current levels - Budget 2011
Single person £325,000*
Married couple up to £650,000*
Any amount over these thresholds is liable to 40% Inheritance Tax (Death Duty)
There is no inheritance tax liability between a husband and wife. However, when the surviving spouse dies IHT is payable on any amount over £650,000*.
Professionally written Wills and the use of Trusts can reduce the burden of Inheritance Tax when completed effectively.
Contact us now to find out how you can effectively plan for the future and protect your estate.
*These figure are liable to change by the Government and should always be verified at the time of making a Will or creating a Trust.