With the ever increasing value of properties, Inheritance Tax is likely to affect more and more people.

Inheritance Tax is calculated on the combined value of a person’s assets at the date of their death, including their property and their share of any jointly owned assets. Each person has a Nil Rate Band, and it is the value of the assets in excess of this which are taxed at 40%.

No Inheritance Tax is paid on assets which pass on death to a spouse or civil partner, and from 9 October 2007, spouses and civil partners can transfer the unused balance of their Nil Rate Bank to their partner on death.

Trusts and lifetime giving can also be useful ways of managing your estate and thus reducing your Inheritance Tax liability.

Contact Us

For further information or to discuss your particular circumstances, please contact Victoria Wells on 01727 798006 or by email at victoria.wells@salaw.com.