Pass All Of Your Wealth To Your Loved Ones
With a little bit of planning now, you can make sure more of your wealth goes to your loved ones in the future.
Without the right planning, you could pass on just 60% of your wealth to your loved ones. Speak to Best FA today to help make sure they receive a lot more.
The common belief is that inheritance tax really only effects wealthy, high earning families, but the rising price of property mean more and more people are having to pay inheritance tax.
Inheritance tax is a tax on the property levied on death however there a lot of financial planning approaches and strategies that can minimise the bill and leave your loved ones with all of your wealth.
When is inheritance tax payable?
Every person has an allowance of up to £325,000 however if you are married then this combined which gives an allowance of £650,000 tax free.
Anything above these allowances are taxable at 40%, however if you leave at least 10% of your assets to charity then then the tax rate drops to 36%.
Gifts and Inheritance tax.
Anything that has value such as money, possessions, property etc is defined as a gift by HMRC. If a family member decides to a home to another family member at lower than the valued price the difference in the price is viewed as a gift in the eyes of HMRC.
People are allowed a gift allowance of £3,000 per year inheritance tax free.
Pension type dependent it might be possible to leave your loved ones your pension pot without having to pay inheritance tax on it.
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