Inheritance Tax Planning

Effective Inheritance Tax planning could save your family thousands of pounds.

Most people spend their lifetime trying to accumulate wealth and assets to take care of themselves in their old age. They also want to be able to pass on that wealth to family and loved ones when they die.

Inheritance Tax (IHT) is payable on the worldwide assets of anyone living in the UK on their death. Assets include your home, other property, savings and investments, to name just a few. The rise in house prices over recent decades means that IHT is no longer a tax for the rich.

With effective tax planning IDS Financial Services can help you mitigate your liability to this tax.

There is a 40% tax charge levied on the value of all estates above the IHT threshold. For the tax year 2019/20 the threshold is £325,000. There is potential to extend this to £650,000 for married couples and civil partners, as the unused portion of an individual’s IHT allowance can be transferred to their spouse or partner when the first person dies.

IDS Financial Services’ advisers can help you understand any liability and the options to reduce this. This includes a review of existing arrangements that may already have been affected by changes introduced in recent budgets.

Let us help you keep as much of your estate as possible in the hands of your family rather than gifting it to Her Majesty’s Revenue and Customs!

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances on the investor.