Inheritance tax remains an area that most people think doesn’t apply to them. The reality is there are a significant number of individuals who are sitting on an inheritance tax problem and they don’t even realise it.
Recent changes to the amount not subject to inheritance tax and relief for some transfers of main residences have removed some of those individuals from the inheritance tax net. This is a positive but there are still many who would leave a burdensome liability for their families should they not have adequately reviewed and structured their affairs.
The absolute minimum limit below which an individual’s estate would not be subject to inheritance tax is £325,000. Your threshold may be different to this depending on who you are leaving your estate to. Anything above your threshold is subject to tax at 40% and this can leave families struggling to pay the bill.
Our advice is, if you have assets and cash you believe to be in excess of £325,000 then you should review your estate and your options for mitigating any liability. If you would like a no obligation consultation then please contact us.
