Inheritance Tax, if effectively planned for, could potentially be reduced or possibly eliminated entirely as a burden from the shoulders of your dependants.
Inheritance tax is a tax charged on the estate when somebody passes away. The amount of inheritance tax depends on the total estate value. If inheritance tax is liable, it is payable within six months of the end of the month in which the death occurred. Tax on land and building can be paid in installments over ten years, unless the asset is sold, in which case you will have to pay after the sale. This and the actual rates of tax potentially payable, do vary however.
Therefore full analysis – working together with your accountant, or one of our recommended accountants where applicable – will help us to plan for your future family wealth before it is too late. For a very rough idea of your potential inheritance tax liability, use our inheritance tax calculator, but to obtain advice or further information, please feel free to contact us.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE TAXATION ADVICE.