Are you liable
to Inheritance Tax?
Everything you own at death, minus what you
owe, is known as your 'Estate'. Inheritance Tax is the
tax that will be levied on your 'estate', unless it's
protected by an alternative provision.
So it pays to be aware of your Inheritance Tax position.
You can take sensible and straight-forward steps to
ensure that your estate is protected as much as possible,
within current guidelines.
Further Information
Currently, the first £312,000
of an individual's net estate is not liable for Inheritance
Tax duty. For married couples and registered civil partners
this is doubled to £624,000, if the full allowance
is passed to the surviving spouse. Anything in excess
of this amount is taxed at 40% on death.
In Real Terms
The charts below show two striking examples.
1) how easily the HM Revenue & Customs can become
the single largest beneficiary of your estate
2.) the larger your estate, the higher the % lost.
Robert Bruce Associates can help mitigate your
Inheritance Tax, and advise positive courses of action
such as:
- Ensure your Will is written and planned correctly
to reduce/remove your potential tax liability. Wills
should be reviewed on a regular basis.
- Transfer assets through the prudent use of
lifetime gifts.
- Consider placing debt into your estate via lifetime
mortgages.
- Create a tax-efficient method to enable the beneficiaries
of an estate to meet the tax liability without disturbing
the family wealth.
Pensions & IHT
Under current legislation, pensions can play
a large role in estate planning. Two issues are listed
below:
- Death benefits under modern pension plans are broadly
exempt from IHT.
- Adequate retirement income with spouse or civil partner
and dependant's pensions, may release capital for lifetime
giving.
Although pension death benefits are broadly exempt from
IHT, if they are passed to your survivor they will form
part of their estate. Robert Bruce Associates
can offer solutions that allow your survivor
access to your death benefits - without forming part
of their estate.
Get the Full Story
Robert Bruce Associates
can offer you specialist, helpful and clear advice on
Inheritance Tax, to help you make an informed choice.
Our qualified advisors will ensure any decision is made
only once you have all the facts in hand, and only as
a result of establishing your personal wishes and criteria.
Why not call us today?
Get the most out of
your retirement.
Call us today
on: 0845 838 7377
The information on
this website is based on our interpretation of the law
and HMRC practice as at April 2008. Taxation legislation
and HMRC practice may be subject to unforeseen changes
in the future. Wills and some areas of Inheritance Tax
Planning are not regulated by the Financial Services
Authority.
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