Inheritance Tax is no longer to be considered the concern of the wealthy as house prices continue to rise and with it the value of your estate (go to The language of Wills). You may find that you are actually worth a lot more than you thought.
Inheritance Tax is not paid up to the value of £325,000* April 2009, but beyond that your estate is taxed 40%. Therefore, for example, if an individual’s estate is worth £1,000,000 they will possibly have to pay as much as £270,000 in tax! (£1m – £325,000, with 40% of the remaining £675,000 being paid in tax). By planning ahead you could dramatically reduce the amount of Inheritance Tax you have to pay, leaving more to pass on to your family and friends.
At Ellis-Fermor & Negus, we have years of experience in helping individuals and families to reduce the amount of Inheritance Tax they have to pay on their death.