A Guide To INHERITANCE TAX - St James's Place

More documents

Recommendations

Info

An estate will be subject to IHT if, on death, it exceeds the individual Nil Rate Band. The Government has announced that the Nil Rate Band will be £325,000 until at least 2014/2015. Since October 2007, it has also been possible to use any unused proportion of a Nil Rate Band from a deceased spouse or registered civil partner. Inheritance Tax revenue raised in 2010/11 by the Government was calculated by Her Majesty’s Revenue & Customs (HMRC) to be £2.7 billion * . Source * HMRC
Inheritance Tax what it means to you IHT is affecting a rapidly growing number of people, most of whom would prefer their hard-earned assets to pass to their families when they die. Yet a large proportion of their wealth or estate, including the family home, investments, insurance policies not in trust or even family heirlooms, might have to be sold in order to meet the IHT liability on death if proper steps have not been taken to protect their wealth. Don’t assume that moving or living abroad will get you off the hook either. Your overseas assets, such as a second home, continue to be liable to IHT if you remain domiciled in the UK. If you move abroad, UK-based assets are likely to remain taxable and even if you die several years later, HMRC may still be able to argue that worldwide assets are assessable for IHT. This is because it is only your ‘domicile’ that is relevant for UK IHT. 5 PARTNERS IN MANAGING YOUR WEALTH
Page 1 and 2: A Guide to INHERITANCE TAX PARTNERS
Page 3: Inheritance Tax - some facts Whethe
Page 7 and 8: What to do about Inheritance Tax Th
Page 9 and 10: Using trusts A suitably worded trus
Page 11 and 12: Tax efficient funds The Alternative
Page 13 and 14: Summary It is better to do somethin
Page 15 and 16: We do not believe in off-the-shelf

A Guide To INHERITANCE TAX - St James's Place

Create successful ePaper yourself

Delete template?

Save as template?