Inheritance tax

Inheritance tax

No longer something that only affects the very wealthy, but the good news is that there are ways to limit the amount of Inheritance Tax your family may potentially face.

When someone dies, Inheritance Tax is charged on their estate above a certain value. A person’s estate is basically everything they own, including their main property, any other properties, cars, boats, life assurance policies not written in an appropriate trust and other investments, as well as personal effects such  as jewellery.

Ask the Expert: Inheritance tax

Ask the Expert: Inheritance tax

What exactly is inheritance tax? Megan Rimmer, independant financial adviser at Fairstone, gives her interpretation.

I read a headline a couple of days ago reading "Ken Dodd news: Wife Anne Jones 'gets entire £27.5m with no inheritance tax" and I thought to myself "well, yes, they’re married". What I didn’t know was that they married two days before he passed away. Simple, yet very effective.

Inheritance Tax (IHT). It’s a tax that most people know of, some people have strong feelings towards, and one that could end up catching you out.

Keeping it in the family

Keeping it in the family

Careful planning can reduce or even eliminate the inheritance tax payable

Intergenerational planning helps you put financial measures in place to benefit your children later in life, and possibly even your future grandchildren, so it’s important to start planning early.

Wealth navigator

Wealth navigator

Planning the best route for the next generation

You have worked hard to build your wealth. Passing it on to the next generation fairly, safely, effectively and efficiently takes skill and careful preparation. But some people find the idea of discussing inheritance uncomfortable and subsequently put off estate planning until, in some instances, it may be too late to make a difference.

ISA rules and inheritance tax

ISA rules and inheritance tax

Families set to pay millions in unnecessary tax

There’s a fundamental lack of awareness and understanding around Inheritance Tax, especially when it comes to how Individual Savings Accounts (ISAs) are treated after death. Given that some people have been able to amass over a million pounds in their ISAs, it’s an area where lack of knowledge could prove costly.

Protecting your estate for future generations

Protecting your estate for future generations

Many individuals find the Inheritance Tax rules too complicated

If you struggle to navigate the UK’s inheritance tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. Getting your planning wrong could also mean your family is faced with an unexpectedly high inheritance tax bill.

Reluctant to seek professional advice

Wealth preservation

Wealth preservation

Reducing Inheritance Tax means taking action now.

Without professional advice and careful financial planning, HM Revenue & Customs (HMRC) can become the single largest beneficiary of your estate following your death. A recent survey about Inheritance Tax (IHT)[1] shows that wealthy Britons over the age of 45 are either ignoring estate planning solutions or they have forgotten about the benefits these can provide. Only 27% of those surveyed have taken financial advice on IHT planning, despite all of them having a potential IHT liability.

Your wealth. Your legacy

Your wealth. Your legacy

Families shying away from difficult conversations

If you have significant assets, you may be wondering whether inheritance tax (IHT)  affects you. Worryingly, some families appear to be shying away from difficult conversations, as almost half (47%) of uk adults say they have never discussed inheritance matters, according to new research.

IHT receipts increased by 22.9% in the first quarter of this tax year, according to data from the Office for National Statistics. The figures show that more than £2 billion has been taken from people’s estates in IHT since March.

Inheritance Tax Rule Changes

Inheritance Tax Rule Changes

Effective estate planning can safeguard your wealth for future generations.

If you want to have control over what happens to your assets after your death, effective estate planning is essential. After a lifetime of hard work, you want to make sure you protect as much of your wealth as possible and pass it on to the right people. However, this does not happen automatically.

If you do not plan for what happens to your assets when you die, more of your estate than necessary could be subject to inheritance tax.