Inheritance Tax Planning

Many people are unaware that Inheritance Tax (IHT) can have a significant reach and if not planned correctly, HM Revenue and Customers could be a large beneficiary of your estate.

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For example, as an individual you have a personal allowance of up to £325,000 before you become liable to IHT. However those married or in civil partnerships can pass their unused allowance to their surviving spouse resulting in an allowance of up to £650,000. If any of the value of your estate falls above this figure the excess will potentially be taxed at 40%

We can help via a number of options:

  • By ensuring your will is both planned and written correctly
  • Create a tax-efficient fund that will provide the beneficiaries of the estate with the means to meet the tax liability without disturbing the family wealth. Under current IHT legislation, pensions can play a considerable role in estate planning

The levels and bases of taxation and reliefs from taxation can change at any time. The value of any tax relief depends on individual circumstances.

Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place. Wills are not regulated by the Financial Conduct Authority.