What is inheritance tax? Inheritance tax needs to be paid if a person’s estate is worth more than a certain threshold – currently £325,000 – when they die.
The executor of a will or administrator of the estate must pay the tax using funds from the estate. At the moment the tax comes at a cost of 40% on anything above the threshold – a total waste if you can reduce this bill by reallocating some of your assets in good time, and within the allowances. Comprehensive advice Inheritance tax is sometimes delayed, either because people don’t like to think about what will happen to their estate after they die, or because they don’t believe they need to consider it yet. However, it’s always best to start your inheritance tax planning as early as possible, so you’re privy to the broadest range of options available to you and no longer have to worry about it.
With a number of factors influencing the value of your estate and the bill that eventually hits your beneficiaries, some comprehensive calculations are required in order to best manage your affairs upon your death. We can provide all the information you need about matters that can make a huge difference to you and your family, such as inheritance tax exemptions and inheritance tax avoidance.
The Financial Conduct Authority does not regulate Tax or estate planning.