Inheritance Tax
If your assets are valued at over £325,000 (the current Nil Rate Band) when you die you will be liable to pay Inheritance Tax at a rate of 40% on anything over this amount.
Changes to Inheritance Tax laws in 2007 allow your Nil Rate Band allowance (or a proportion of it) to be ‘carried over’ to your spouse or Civil Partner on your death, meaning on current thresholds a total of £650,000 can be distributed between a married couple tax free.
However, Inheritance Tax laws are intricate and calculations of tax due often complex. Many people lack clarity in their understanding of their own Inheritance Tax situation.
How Collective Legal Solutions can help
We will work with you to explain your Inheritance Tax situation as it currently stands, detailing the ways in which we can assist to reduce or eliminate an Inheritance Tax burden.
Many of our clients have estates in excess of £650,000 (when calculating properties, death in service, life insurance, savings and investments) and we therefore have advanced Inheritance Tax planning solutions which we tailor to the individual needs of our clients. Drawing on the experience and expertise of our Chartered Tax Advice Division, we work with families to make full use of allowances and exemptions ensuring there is never any more tax paid than is necessary.