Tax issues

Inheritance tax doesn’t only affect the very wealthy. Rising property prices have meant it’s now an issue for an increasing number of people.

For the tax year 2009/10, inheritance tax is payable at 40% on all assets over £325,000 (the ‘nil rate band’), subject to certain exemptions and reliefs. When the value of a home is taken into account, it can be surprising how many people go over the tax threshold.

Awareness

There are many ways to reduce your inheritance tax liability, but it’s vital to strike the right balance between avoiding tax and having access to your money when you need it.

HM Revenue and Customs practice and the law relating to taxation are
complex and subject to individual circumstances and changes which cannot
be foreseen.

Call us us on 01202 650077 or click here. for clear, professional and understanding help.