Inheritance Tax Planning
Inheritance Tax Planning in Bognor Regis, West Sussex, Felpham and its Surrounding Villages
Inheritance Tax (IHT) is a government tax on death which charges a percentage of tax from the value of your assets over a certain threshold – called the nil rate band.
Help to Reduce Your Inheritance Tax
The current individual IHT maximum nil rate band is £325,000.
In certain circumstances a second allowance is available known as a resident’s allowance which is £175,000 from 6th April 2020. This allowance can only be taken from the value of a residence.
You have worked hard all your life, paid your income tax, capital gains tax and other taxes on time. Then, when you die, the government takes 40% of the value of your estate over your available tax allowances - for no reason other than the fact that they can!
Here at Helen Gagan Solicitor we really do not like the reality that many estates pay more Inheritance Tax than is necessary - there are so many ways to pay less! Estate Planning is therefore key to reducing your tax bill.
Both allowances are due to increase annually in line with the rate of inflation.
Following a full review of your individual circumstances, we will work out how much Inheritance tax may be payable on your passing and look at ways to reduce that liability.
Contact Helen Gagan Solicitor, Inheritance Tax Planning Solicitor
If you need advice about Inheritance Tax Planning then please contact us. We help clients in West Sussex and Hampshire.
Call us on 01243 867330 or 07584 991081 to make an appointment.