Inheritance tax
Inheritance tax applies to assets which pass on a person’s death and sometimes to those given away during their lifetime. Currently there is no charge to inheritance tax on the first £300,000 worth of assets (called the nil rate band). Anything over the nil rate band is charged at 40%. The nil rate band is set to increase to £350,000 in 2010.
Rising property prices mean that inheritance tax has become a substantial tax burden for many families and we are frequently asked to advise on methods of reducing the amount which might be payable. Our practice is to take a realistic view of our clients’ circumstances. This involves obtaining full details of their family and financial situations and then advising on any tax saving opportunities which might be available.
Do you have assets over £350,000?
A particularly popular scheme is available for married couples and for civil partnerships who have assets in excess of £350,000. To save inheritance tax for the benefit of their children or families a discretionary trust is created in their wills and we have successfully assisted many clients using this procedure.
Our fees for inheritance tax advice will be agreed with you in advance and are based on the time taken to deal with your instructions, charged the relevant hourly rate. Discretionary trust wills are usually subject to a fixed fee quotation. We are happy to arrange an initial thirty-minute interview free of charge to advise how we can assist.
For all inheritance tax enquiries, please contact colin.thorpe@taylorwillcocks-cheam.co.uk.