• LEFT MENU Inheritance Tax

Tax is a word that many of us will have known throughout our working lives. However, few might expect that it might affect us at the end of our lives.

The current inheritance tax threshold for the tax year 2016/17 of £325,000 (£650,000 for a married couple), means that any estate left in excess of this figure will be taxed by HMRC at 40%.

For those of us who have already paid tax on our income, this extra tax can come as quite a shock.

However, without careful planning, you could be passing a significant part of your hard earned estate to the tax man, not your nearest and dearest.

Taking action now could mitigate, reduce or even eliminate this potential liability, all within current legislation.

The options are numerous, and can include simple actions such as using annual gift allowances, gifts from income, effective estate planning through your will and gifts to charity, through to insuring against the liability and the use of trusts.

If this seems daunting, then talk to Always Independent Financial Solutions. We specialise in constructing easy to understand plans, that are tailored to your circumstances, ensuring that as much of your hard earned money passes to your loved ones as possible.

For a free no obligation meeting, please do not hesitate to give us a call or alternatively email us. 

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