Tax! Tax ! Tax!

Inheritance Tax Issues

Click for the Inheritance Tax calculations

Belper Independent Financial Solutions Ltd is authorised and regulated The Financial Conduct Authority. FCA Number 594003

Belper Independent Financial Solutions. Trading Addresses:
10, Chapel Street, Belper, Derbyshire, DE56 1AR

Registered Office:
Unit 6, Heritage Business Centre, Derby Road, Belper, Derbyshire, DE56 1SW.
Registered in England Wales Company No. 8028528.

You are taxed it seems throughout your whole life.

We pay tax all of our working life. Income Tax, VAT, Capital Gains Tax.

For many people the final straw is the tax that may become payable in the event of their demise.

This tax is known as Inheritance Tax and is payable upon a person's death, should their Estate exceed a certain amount in value.

What does an Estate comprise of? It may consist of all or some of the following: -

Inheritance Tax Issues Belper
  • Their home, (less any debt secured on it)
  • Other property, (such as second homes held either in the UK or elsewhere in the world)
  • Personal possessions, (home contents or even the contents)
  • Savings and investments
  • Life policies (if not written into appropriate Trusts)
  • Their business

Currently the exempt allowance for an Estate is £325,000(*) per person. This is known as The Nil Rate Band, (* for Tax Year 2010/2011). For a married couple it can be up to £650,000.

Estates valued in excess of this are taxed at 40%.

As an example, an Estate valued at Date of Death as £550,000 would have £90,000 Inheritance tax to pay. This would leave the beneficiaries receiving £460,000 rather than £550,000.

What Can Be Done?

We can provide advice on legitimate Inheritance Tax mitigation, to either remove or reduce significantly the tax that may be payable upon your death.

This can be achieved by the use of:-

  • A suitably drafted Will
  • Gifting
  • Suitable trusts
  • Insurance plans

One or possibly all of these methods could result in the person you want to receive your Estate receiving all of it or more than they would if suitable advice had not been received.

Contact Belper Independent Financial Solutions to discuss your situation to see how we can help >>>