Inheritance Tax planning is a necessity, if you wish to leave your estate in good order so your beneficiaries will benefit in the way in which you intend. The amount of revenue collected by HMRC from Inheritance Tax (IHT) has steadily increased in recent years, to a figure of around £5 billion.
That means families in the UK are paying £5 billion per year in inheritance tax (IHT), which is, in the main, largely avoidable through simple inheritance tax planning.
The introduction of the new Residence Nil Rate Band – an allowance against residential property left to direct descendants – is a helpful addition to the possible ways to reduce or remove IHT, but the national figure for IHT collection is still expected to rise further.
Planning For Inheritance Tax Is Not Complicated
For families IHT represents a direct threat to maintaining wealth levels through the generations. Avoiding IHT is not complicated, but it does require planning. We have two guides available to help you with this:
- Our Inheritance Tax Planning Guide will take you through the whole subject of Inheritance Tax Planning and the steps you can take to reduce your tax liability.
- Our Inheritance Tax: Residence Nil Rate Band Guide will look at the Inheritance Tax planning needed to maximise the value of your estate to be passed on to your spouse or direct descendants.
Contact MaxLyte Financial to learn more about how we will advise you with your Inheritance Tax planning, so that your estate's exposure to IHT is minimised.