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’ (see Language of Wills). People are often surprised at the value of their estate and many do not realise that Inheritance Tax could affect how much they leave to their loved ones.
Inheritance Tax is not paid up to the value of £325,000, but beyond that your estate is taxed 40%. For example, if an individual’s estate is worth £1,000,000 they may have to pay as much as £270,000 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 loved ones.
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. We offer a bespoke service to suggest ways of reducing the Inheritance Tax that might be payable on your death by using Wills, lifetime giving and trusts.