Call: Stoke-on-Trent (01782) 639716 or 0800 072 5510 ... for a fast, professional,
and friendly service and money-saving advice
Convenient Wills, 16 Thomas Avenue, Newcastle-under-Lyme, Staffordshire ST5 9AF
Proprietor:
Rod Jones
© 2006 - 20010 All Rights Reserved (Website author: Rod Jones) Last
updated 4th March 2010 HOME | TERMS AND CONDITIONS | DISCLAIMER
• Home Visit Wills • Wills by Phone •
• bespoke ‘solicitor-quality’ wills •
• value-for-money prices •
Call: 0800 072 5510 or
Stoke-on-Trent (01782) 639716
- Inheritance and Capital Gains Tax
- Nil rate band allowance
- Discretionary trusts used to reduce IHT liability
Tax is applied on estate values in excess of the NRB at 40%
How To Reduce Your Inheritance Tax Liability and
Increase Your Beneficiaries’ Inheritance
There are a range of exemptions and allowances that can reduce or eradicate this
tax. With careful preplanning it is possible to eradicate the potential tax liability
altogether. The use of discretionary trusts in wills to help towards this has reduced
following changes in legislation in 2007.
We discuss the ways to reduce inheritance tax in our home-visit will-writing service,
or our online wills-with-callback service. We explain the interaction of ‘cause and
effect’ showing how by doing one activity that say reduces inheritance tax you can
create another (say capital gain tax liability).
It is worth stating that business owners have two very valuable reliefs - Business
Property Relief and Agricultural Property Relief - that are easily wasted unless
care is exercised ... especially when drafting a business owners will. Again, we
will discuss these reliefs with you when you book our afore mentioned services.
Related Topics:
What is Inheritance Tax?
Inheritance tax is a tax applied to the estates of deceased persons.
Presently we have in the UK a zero rate applying to the first £325,000 (Tax year
2009-10) - referred to as the Nil-Rate-Band (NRB) threshold - so you can give away
that amount of value without incurring the tax.
