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Inheritance tax review - Why you should have one



In 2018 I dug out my old school bag and went back to school, to tax school to be more precise. Initially I had thought that this extra bit of learning would help me in my day to day job; however, I then met some of the most passionate and interesting tax tutors and as my knowledge increased I became hooked!


Once you have built some foundations in tax learning, you are required to choose specialisms. It seemed sensible to make my choice around my current job role at that time, Inheritance Tax and Trusts.


I quickly found myself discussing 'death events' and opening up my eyes to taxes that I had not come across in my career to date nor in my every day life. I had always assumed these taxes were for the wealthy. The reality is they are not.


When people pass away, many create a 'Will Trust' and people find themselves thrown into a role of 'trustee' dealing with legal and tax matters that are complex. A Will Trust could simply hold a house and a bank account, the numbers do not have to be big but they still have reporting requirements.


The other area is where you have built assets and savings and are feeling great about clearing down your mortgage. This could be in your late forties or early fifties, this has been achievable for plenty of people. With house prices high, and looking to remain so in many areas of the UK, the nil rate band of inheritance tax at £325k is small. Yes, there are other reliefs available; yes, if you are married or in a civil partnership there are some other applicable reliefs. But do you categorically know that these reliefs will apply to you? Is your Will set up to match any inheritance tax reliefs.


I can offer you a comprehensive inheritance tax review service based on up to date tax law. This will provide you with the understanding and financial figures of your estate and any likely inheritance tax. I can then supply you with detailed advice helping you plan to minimise any potential inheritance tax and some of the most common pitfalls of gifting assets in your lifetime.


With IHT currently at 40%, a small investment in a qualified tax adviser giving you a review of your circumstances can provide you with real longer term savings.


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