Early planning is crucial when making arrangements for the future of your estate upon your death. Such forethought may enable you to take full advantage of the tax opportunities available and thus maximise the amount that is passed to your beneficiaries.
Let Us Guide You Through Your Inheritance Tax
Inheritance Tax is paid on the estate (the property, money and possessions) of someone who’s died. There are various exemptions and tax reliefs to reduce the amount of tax that is payable on your estate.
Your beneficiaries and the people you gift in your will may have to pay tax based upon the value and property they inherit. We at Taxes R Us Accountants can go through your estate and will to plan the inheritance tax after your death.
Sage Advice On How To Reduce Your Tax
Trying to reduce how much IHT is due on an estate is complicated. But, in short, you can reduce how much tax is paid by:
- Leaving a legacy to charity
- Putting your assets into a trust for your heirs
- Leaving your estate to your spouse or civil partner
- Paying into a pension instead of a savings account
- Regularly giving away up to £3,000 a year in gifts
Taxes Your Heirs Will Have To Pay On Their Inheritance
- Income Tax – if what they inherit produces a regular income
- Capital Gains Tax – if they sell their inheritance (e.g. property) for more money than what it was worth when you died.
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