Explore your Inheritance Tax planning options
In the UK, individuals and families who wish to pass on their legacy need to tread very carefully in order to ensure they are not hit with a hefty Inheritance Tax (IHT) bill.
IHT is levied at a rate of 40% of an estate’s total value on all estates valued at £325,000 or more.
This £325,000 threshold is known as the ‘nil rate band’ and, despite ever-rising wealth across the country, has remained frozen at this amount for several years.
Fortunately, there are a number of ways in which families and individuals can mitigate their IHT liability, such as by gifting, leaving money to charities in their Wills, or taking advantage of recent tax changes, such as the residence nil rate band (RNRB).
To find out more about some of these, read: https://www.mcgills.co.uk/news/dont-become-complacent-over-inheritance-tax-planning/.
When it comes to IHT planning, it is always worth seeking tailored advice to determine the next best steps for you.