Partnership Ltd.
Independent Financial Advisers
Pass On Your Wealth
Passing on your estate can be costly & have many implications. We'll help you create a legacy plan that makes an already difficult time a little easier for your loved ones. Our tax planning can help you leave more estate to your beneficiaries, we'll help you put a plan in place for your funeral, coordinate & complete probate, or even write a will.
So that unnecessary problems for your family & friends can be avoided when the time comes.
Inheritance Tax Planning, Trusts & Gifts
Long Term Care, Lasting Power Of Attorney & Funeral Planning
Without expert advice and careful planning, you may end up paying more Inheritance Tax than you need to.
This tax was introduced in 1986, replacing Capital Transfer Tax and is a tax levied on property and money of a person who has died.
By it’s very definition, it is a tax on our death and in our opinion is an abhorrent tax that should be scrapped. We (fortunately) don’t know when we will die and therefore it is the hardest tax to plan for or avoid. There are things that can be done and we are here to help.
The first thing you need to know is that you do not pay Inheritance Tax on everything you leave to your spouse, but money and possessions you leave to your children or anyone else is liable.
If you leave everything to your spouse, your Inheritance Tax Allowance adds to theirs. The UK allowance is currently £325,000 plus £175,000 for your main residence (provided it is left to your children). So this means after your passing, your spouse's allowance will become
2 x (£325,000 + £175,000) = £1,000,000 (provided your main residence is worth more than £350,000).
You lose £1 of the £175,000 main residence allowance for every £2 you go over £2 Million value on your estate.
You can still have the main residence allowance if you downsized after 8th July 2015 and still have the money. You can find more information here.
There are some reliefs available for certain types of asset, for example Agricultural Property Relief or Business Property Relief.
The bill is then 40% of the taxable amount.
