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Inheritance Tax is currently payable where the total value of the estate of the person who has died is valued at over £ 325,000. Possessions and property over this limit are taxed at a rate of 40% which gives a high proportion of an individual’s estate to the government.
The Conservative Party has announced their intention of raising this to £ 1m if they get into power, so the law may be changed in the future. However, recent legislation has created additional benefits as married couples are now allowed to pass on unused tax allowance to each other, thus allowing for a total value of over £ 650,000 before tax.
What can I do to offset Inheritance Tax?
There are many legal ways to ensure that more of the estate goes into the hands of those chosen to benefit directly. At ASTUS we only deal in legitimate activities to offset inheritance tax, and explain these to our clients clearly and without financial jargon. As you would imagine each situation needs to be considered individually, and different opportunities exist for different circumstances. Some actions, such as creating gifts, need to be set in place 7 years before death in order to take full effect. Our aim is always to ensure that you are fully aware of all the options for mitigating inheritance tax and creating additional benefits for the recipients.