What is Inheritance Tax?
It’s also sometimes payable on assets you may have given away during your lifetime. Your assets include things like property, possessions, insurance policies that pay out but aren’t in trust, money and investments.
The Rates
Inheritance Tax is charged at 40% on all your assets in excess of the current nil rate band (the amount of your wealth on which your beneficiaries will pay no “death” taxes) which is £300,000 for 07/08.
Since 1997, property prices have risen by over 80% on average whereas the Inheritance Tax nil-rate band has only risen by around 19%. This means that around 1.5 million households have been pushed into the Inheritance Tax net, making planning more important.
Call one of our Inheritance Tax Planning advisers on 0845 230 9876 or complete the enquiry form in confidence to see how we can assist you.
'Information is given for general guidance only and specific advice should be taken before acting on any solutions detailed. All information is based on our understanding of current legal and tax practices which are subject to change.
'Information is given for general guidance only and specific advice should be taken before acting on any solutions detailed. All information is based on our understanding of current legal and tax practices which are subject to change.
'Worldwide Financial Planning Ltd are authorised and regulated by the Financial Services Authority. Worldwide is entered on the FSA register www.fsa.gov.uk/register/ under reference 440668
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