Inheritance Tax (otherwise known as IHT) is a tax often payable on our world-wide assets (otherwise known as our Estate) when we die. The Estate is made up of all your global assets including Property, Savings, Investments, plus other things regardless of whether they are in the UK or overseas, although a deduction is normally made for our liabilities such as Mortgages and other outstanding financial commitments.
There are exemptions to take into account and not every person will die knowing that their loved ones could face an Inheritance Tax liability. Understanding the exemptions is very important and planning in advance is even more vital.
Putting plans in place to ensure your Estate is as tax efficient as possible is a prudent move, and we are happy to help you through the maze connected with this often confusing issue. People who make provisions in this area usually find that by taking a few simple steps, then more of the value of their Estate can be safeguarded leaving more benefit and less headache and confusion to their intended beneficiaries.
Not all areas of Estate or Tax Planning are regulated by the Financial Conduct Authority.