In simple terms inheritance tax is the tax that is paid on everything you own at the time of your death less anything you owe. It is sometimes payable on assets you may have given away during your lifetime. Inheritance tax is payable on property, personal possessions, insurance policies that are not in trust, money and other investments.

 

The tax charged is currently 40% on all your assets above the nil rate band of £312,000.

 

Inheritance tax can be reduced and in many cases avoided and anyone with assets over the current £312,000 level should contact IFAC Ltd for an assessment on how best to reduce future payment of inheritance tax by beneficiaries of their will.

 

No one solution fits every individuals needs and we will ensure you receive the inheritance tax planning that most suits your personal requirements.