Start planning for the future
It can be a funny old world at times. Most people are really hot on saving tax, but when it comes to inheritance tax (IHT) we often hear “that’ll be their problem, not mine”.
But when you consider that the implications of putting this off could be that HMRC become your main beneficiary, receiving more than your family – or your family may have to sell their home to settle the IHT – it starts to sound like a good idea to put some plans in place. That’s where we come in.
Know the numbers
When your time comes, there will be a hefty 40% inheritance tax payable on your estate. Some assets are exempt from this tax, and others are not – so, it’s best not to leave things until it’s too late and work out the numbers now.
Once you have that knowledge, you can make some informed decisions. You might:
- Be comfortable with the amount of IHT payable.
- Decide to take out insurance to cover the tax.
- Want to start giving your assets away.
- Move assets to a more tax-efficient vehicle such as a trust or a Family Investment Company.
- Decide to do a combination of the above.
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