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Inheritance Tax Planning

Under current legislation, you are allowed to leave only part of your estate to your beneficiaries without Inheritance Tax becoming payable on your death. Your estate is made up of everything you own including your property, savings, investments, cars and personal belongings. The Inheritance Tax rate is currently 40% on everything above the threshold of £325,000 per person (2014/15 tax year). Inheritance Tax must be paid within 6 months of the date of death to avoid interest and penalties.

Probate will not be granted until the tax has been paid which means that your beneficiaries cannot inherit until HMRC are satisfied that all taxes due have been settled. Inheritance Tax is not normally due on anything left to a spouse or civil partner. Making a valid Will is an important step in minimising your Inhertitance Tax liability and will also help your family to deal with the administration of your estate quickly and efficiently upon your death.

For further information or to arrange an appointment, call Eleanor Betts on 0121 663 0975 or 07717 862705.

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