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Inheritance Tax
Planning
Inheritance Tax is a
form of taxation that affects an increasing number of people who are
often unaware that their estate will become subject to this tax.
With increased house values over the last few years, general increasing prosperity and low
inheritance tax thresholds it is now more and more likely that people
will fall foul of this 40% tax on their wealth. This can result in the
Inland Revenue receiving a substantial proportion of the deceased’s
estate before it can be paid to the beneficiaries.
However, Inheritance Tax is often avoidable with forethought and
careful planning through the use of allowances and exemptions;
ensuring your wealth passes to your family, friends and deserving
causes and not the taxman.
If you are single and have assets over £312,000 or £624,00 jointly if you are married (2008/09 tax year), then you should be concerned about the impact of this tax. With the recent increase in house prices many people now find themselves with assets over this threshold.
Please call us to arrange your free FINANCIAL HEALTH CHECK and follow
the simple steps below to help avoid this voluntary tax:
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Make a will now. This
is the most fundamental piece of Inheritance Tax planning. If you
have one, dust it off and update it if needed. Make an appointment
with us today to get this moving.
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Work out your assets.
You may not think that Inheritance Tax will hit your estate. Take
into account everything you own and you might well find that it
does. Remember ISAs, PEPs and Bonds all count as part of your
estate.
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Consider gifts. If
your calculations show that your estate is likely to face
Inheritance Tax, then you might consider using your Lifetime gifts
allowances to cut the size of your estate. Your financial health
check will explain the options available in more detail.
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Talk to us to arrange
your Financial Health Check. Call us to arrange an appointment to go
through your affairs in more detail and identify areas to minimise
any potential tax liability.
Davies Heulyn Davies is happy to work alongside your Solicitor
and/or Accountant to devise a plan that suits your individual
requirements. If however you do not have a Solicitor or Accountant
then we can normally recommend a suitable Firm.
For
more information or to arrange a meeting; please fill in the
CONTACT FORM or
Call us on
01970 627037
Aberystwyth
Office
or 01239 615124
Cardigan Office |
