INHERITANCE TAX

Inheritance tax is a tax levied on a person’s estate when they die and on certain gifts made during an individual’s lifetime. It is often seen as a voluntary tax because if steps are taken, there are many legal ways to avoid it. The consequences of doing nothing may mean that your loved ones pay tax on money you have already paid tax on.

Under current legislation inheritance tax is payable for an individual estate where total assets exceed the Nil Rate Band of £325,000. For a couple the tax is only payable on second death, assuming that all assets pass between spouses on first death. From 2016/17 there is also an additional main residence nil rate band, although this isn’t available in all circumstances.

Even taking these allowances into account, more and more people are facing inheritance tax bills, due largely to an increase in property prices. We can guide you through the complex subject of estate planning and the various ways you can plan, such as:

• Understanding the available allowances, including the ‘main residence’ Nil Rate Band.
• Gifts
• Charitable giving
• Arranging adequate life assurance to cover potential inheritance tax liabilities.
• Business Property Relief
• Inheritance tax efficient investments
• Use of Trusts

Trusts, some forms of estate planning/inheritance tax solutions are not regulated by the Financial Conduct Authority. All statements concerning the tax treatment of products and their benefits are based upon our understanding of current tax law and HMRC practices both of which are subject to change in the future. Levels and bases of reliefs from taxation are also subject to change, and are dependent on your individual circumstances.

To speak to one of our specialist team, please email info@condieswealth.co.uk or call us
on 01383 721421.

Condies Wealth Strategies Limited, trading as Condies Wealth, is authorised and regulated by the Financial Conduct Authority (FCA) no.748895.

Registered in Scotland SC381967. Registered office 10 Abbey Park Place, Dunfermline, KY12 7NZ.

You should remember that the value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you have invested.

The guidance contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. Trusts, some forms of estate planning/inheritance tax solutions are not regulated by the Financial Conduct Authority. All statements concerning the tax treatment of products and their benefits are based upon our understanding of current tax law and HMRC practices both of which are subject to change in the future. Levels and bases of reliefs from taxation are also subject to change and are dependent on your individual circumstances'.

The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients.

FOS details can be found at https://www.financial-ombudsman.org.uk/