So what is Inheritance Tax and how does this affect you?
Inheritance tax is a tax on your assets that belong to you when you die. Each person can pass on up to £325,000 (£650,000 for a couple) without their heirs having to pay any inheritance tax (IHT). Above this amount, the estate is taxed at the current rate of 40% tax year 2018/19.
Main residence nil-rate band.
The Chancellor of the Exchequer introduced the main residence nil rate band last year at £100,000. This allowance has from April now increased to £125,000 per person (£250,000 jointly). This allowance can be claimed by individuals whose estate includes the main family home.
Who can claim this allowance?
This allowance can only be claimed by “direct descendants”. This is defined by the tax office as children and grandchildren. It also includes adopted and foster children and stepchildren.
How Anstee & Co can help you with Inheritance Tax.
It is never too soon to start planning you’re financial future. A few key adjustments now can save your estate paying more tax than it should. This means that more of your hard-earned wealth will go to your loved ones rather than the tax man.
Why not contact us today to arrange a free initial meeting. The meeting is without obligation and allows us to show you the areas where money in your estate could be saved.
Meetings can be arranged at your home or place of work at a time that is convenient for you. We also have offices located at-
- Kettering, Northamptonshire
- Birmingham, West Midlands
- London, Central London
- Stamford, Lincolnshire
Our team of independent financial planners also make use of meeting rooms in Droitwich, Bedford, Northampton, Towcester, Wellingborough and Warwick.
Anstee & Co. Limited is authorised and regulated by the Financial Conduct Authority. Anstee & Co. Limited is entered on the Financial Services Register under reference 577360.