Inheritance tax planning

If you own more than £325,000 of assets, HMRC will charge a tax up to 40% on all that you own over this amount when you die. It will be the responsibility of your beneficiaries to pay this tax.

Inheritance tax could have a significant impact on the legacy you leave children, grandchildren or wider family; however, there are ways to reduce the amount of inheritance tax you have to pay on the funds you have earned and saved over the years.

One of the easiest ways to control what happens to your estate and the associated IHT is to write a will. If you die without a will, your estate is divided out according to a pre-set formula and you have no say over who gets what and how much tax is payable.

Trusts and life cover insurance can also help you to manage the amount if IHT your loved ones will face. Our experience financial advisers will work with you to find the best and most tax efficient options for you and your family.

For independent advice tailored around your inheritance and planning for the future, contact a Fairstone adviser today.