Advice for passing on an inheritance and managing an Inheritance Tax bill
Inheritance Tax, or IHT for short, is in simple terms a tax payable on the assets (money or possessions) you leave behind when you die, so it’s often referred to as ‘death duty’. The assets making up your estate can include:
- Cash and savings in the bank
- Property and valuables, such as art, jewelry, etc.
- Businesses you own
- Pay-outs from life insurance policies not held in trust
Many estates that are now subject to IHT in the UK belong to those who would not necessarily call themselves wealthy – it is only if the value of your estate is below the threshold of £325,000 there is no IHT to pay.
We provide an IHT Planning report based on your circumstances and facts.