Inheritance Tax Planning (IHT)
- IHT begins at £325,000
Example:
- £600,000 – Property
- £200,000 – Other Assets
- £195,200 – Tax Payable
- IHT is payable at 40%
- Taxable assets include:
- house
- car
- bank accounts
- shares
- pensions
- jewellery
- other items of value
For many people the idea of the Government taking tax from their hard earned savings and assets is unacceptable! IHT is payable at 40% of the value of your estate over the tax threshold of £325,000 for the 2009/2010 tax year.
Assets to be taken into account when working out the value of the estate include not just the house, but car(s), bank accounts, shares, pensions, jewellery, collectibles and any other items of value.
Tax reduction methods
There are ways in which IHT liability can be reduced. These require a degree of forward planning and we believe are best considered long before the onset of old age and whilst you enjoy good health. I recommend you look at this issue if you have assets over the nil rate band.
Let me advise you on your Inheritance tax mitigation plans.
The Financial Services Authority does not regulate Taxation and Trust Advice.
Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.
- Foster Denovo Limited is authorised and regulated by the Financial Services Authority. Foster Denovo Limited is entered onto the FSA register (www.fsa.gov.uk/register) under reference 462728.
- The Financial Services Authority does not regulate taxation and trust advice.
- The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
- Foster Denovo Limited is not a partnership in the legal sense, but uses the concept of partnership to symbolise commitment of its advisers to the same values and ideals, the number one of these being their commitment to looking after their clients.