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 £325,000 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.
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. 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.