Originally Inheritance Tax (“IHT”) was for the very wealthy, but now it covers a large number of people who own their own home, due to the rise in property prices without a corresponding rise in the IHT threshold. This is good news for the government as it is a stealth tax, in that IHT raises ever more tax from ever more people, without having to announce a tax rise.

The IHT threshold in 2007-8 is £300,000. Anything above that amount is taxable at the rate of 40%.

Many people can do something about this. By efficient tax planning, the IHT liability can be minimised, often making substantial tax savings.

We are happy to discuss your individual circumstances and requirements and to advise on the best available options for you, from potentially exempt transfers to discretionary will trusts. Usually this is done as part of considering your Wills.

You should review your Will every 5 years or on a change in circumstances, such as marriage, civil partnership, divorce, second families or inheritance.

We would discuss with you your individual requirements in order to provide you with a Will tailored to your circumstances and to advise you of any pitfalls.

Please contact Richard Mugford for further information.

Please click on the links below for more detail:

[ Why You Should Make a Will ]   [ Probate ]   [ Power of Attorney ]