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Inheritance Tax

“Inheritance tax is broadly speaking a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue” Roy Jenkins MP 1986

No other tax arouses such feelings as this increasingly unpopular tax. Having spent a lifetime carefully building financial security (and paying tax at every step) to see 40% of a portion of your estate disappear in tax is galling in the extreme. Thankfully, with thoughtful planning, it is the one tax that can be avoided completely – but care always needs to be taken that your standard of living does not suffer in the meanwhile. A brief outline of some of the Inheritance Tax planning arrangements available is given below.

Wills

A properly constructed Will is the first port of call when dealing with Inheritance Tax. Because each person can leave £325,000 (tax year 2011/12) to their beneficiaries free from Inheritance Tax by preparing your Wills in the right way can help keep £650,000 from being chargeable to Inheritance Tax.

Gifts

The law recognises your ability to reduce the size of your estate through the making of gifts. There are smaller gifts that can be made with immediate effects as far as Inheritance Tax is concerned – but larger gifts should only be taken after careful planning.

Trust Plans

These fall into two camps:

First, it is possible to arrange certain investments (usually Investment Bonds from Insurance Companies) within special legal Trusts that allow your beneficiaries to receive monies free from Inheritance Tax, but that allow you to receive money in a tax-efficient manner for the rest of your life. In this way your standard of living is preserved whilst the tax bill is reduced!

Second, if it is not possible remove the entire estate from being assessable to Inheritance Tax, you can make monies available to your beneficiaries with which they can meet the liability. This is usually through Life Assurance plans written under Trust and to which you contribute on a monthly or annual basis.

It is never too late to start planning for Inheritance Tax!

Complete Mortgages Ltd is not authorised to give investment advice. The information contained in the page has been provided by Ashcourt Rowan Group. Please fill out our online enquiry form and we will arrange for them to call you.

Inheritance Tax Enquiry

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