Inheritance Tax in Stockport and Manchester
If your assets are valued at over £312,000 (Nil Rate Band Tax Year 2008/9) when you die you will be liable to pay Inheritance Tax at a rate of 40% on the amount exceeding the Nil Rate Band.
Recent changes allow your Nil Rate Band to be 'carried over' to your spouse or registered Civil Partner meaning on current threshold a total of £624,000, less any chargeable transfers already made, can be distributed tax free. If you are unmarried this change has no effect.
Most people spend their lifetime trying to accumulate a reasonable amount of wealth, to take care of themselves in their old age and then pass on any remaining surplus to their family. It is somewhat unfair then, that without careful planning and a great deal of pre-emptive action, most families face a huge Inheritance Tax bill.
Many people have estates in excess of £624,000 (when calculating property, death in service benefit, life insurance, savings, investments etc.) and we therefore have advanced Inheritance Tax Planning products which we can legally help you and your family significantly reduce their inheritance tax liability.
The good news is that if you act early enough you may be able to reduce your Inheritance Tax Liability to zero allowing the whole of your estate to be passed to your loved ones.
If you are unsure what impact Inheritance Tax will have on your family, we can provide a FREE assessment. Call us for some expert advice on 0800 990 3219