Inheritance Tax Advice

Inheritance Tax (IHT) is a tax levied by the Government on your estate when you die.  It is a tax of 40% on everything you own above the designated threshold, which is referred to as the Nil Rate Band (NRB).

IHT is calculated on the net value of everything your own, including your main residence, second properties, all cash savings and investments you have.  All of your personal effects are also taken into consideration such as cars, boats and household contents, also jewellery and the value of your Life Assurance policies.

The current NRB threshold for an individual for the tax year 2008/2009 is £312,000.  Additionally, with effect from 9th October 2007, any portion of NRB unused when a spouse or civil partner dies may be transferred to the surviving spouse or civil partner and then used when calculating their liability for IHT when they eventually die.

Without the proper advice your family could be faced with a very large tax bill when you die, which means they will not benefit as much as they should from your estate.  Contact us now to see how a Discretionary Trust can help reduce your IHT liability and at the same time give financial support and flexibility to your spouse.

How Much IHT Would I Have to Pay? - This Wealth Calculator will show you how much IHT your family might have to pay under your current circumstances.  This calculator in only intended to give you a guide to your potential IHT liability.

If you would like someone to contact you for FREE IHT advice call us FREE on 0800 4402319 or email us on admin@prolegalservicesgroup.com or you can visit www.ihtadvicebureau.co.uk for further information.

  Please enter a value in each section (leave blank if value is nil) and click the calculate button at the bottom of the form

This is only a guide to your tax position and should not be relied on in place of professional accounting or tax advice. Any calculated figures are illustrative and are based on the data you provided.