Inheritance Tax Information

Inheritance tax is sometimes called a voluntary tax but there is nothing voluntary about it.

A UK domiciled individual is subject to inheritance tax on all property owned by him or her, whether located in the UK or overseas. In broad terms, estates on death in excess of £312,000 (in the 2008/2009 tax year) are taxable at 40%.

So where do your beneficiaries get the money to pay this tax? If they are not fortunate enough to have it at their disposal and no inheritance tax planning has been considered beforehand, the main route is a bank loan.

What can be done about inheritance tax during your lifetime? Rather unsurprisingly, quite a few things. Planning includes making a will, utilising gift allowances, utilising expenditure allowances, utilising investments/assets within trust arrangements, to life assurance and gifts to charities and political parties.

A trust arrangement is a legal title to property held by one party for another and is commonly used in inheritance tax planning.

Complete an enquiry form if you have a specific requirement.

It should be remembered that investment values are not guaranteed and these may fall as well as rise and that past performance is no guarantee of future performance.