What you leave to your children and grandchildren depends on the decisions you make now.
Inheritance Tax (IHT) is payable on the value of a deceased person's estate that exceeds the Nil Rate Band (£325,000 for the tax year 2012/13). It could seriously reduce the amount passed on to your beneficiaries after your death. For assets in excess of the Nil Rate Band the tax man will take 40%.
How to reduce the burden on your family
You can increase the amount you leave to your beneficiaries and minimise the effects of IHT in a number of ways. These include:
- mitigation through different trust arrangements, and
- insuring against the potential tax liability
Find out more about Inheritance Tax and its implications by contacting your local Financial Consultant. Alternatively leave your details and we'll call you back.
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The Financial Services Authority does not regulate Inheritance Tax Planning.