ThisisMoney and our partner Skipton Financial Services Limited have teamed up to help you assess your potential liability to Inheritance Tax and help you plan to reduce it. This service could help you make sure more of your hard earned assets are kept out of the hands of the taxman, and instead go to the people you want them to.
Inheritance Tax is a levy paid on your estate after death, should it exceed the Nil Rate Band Limit, currently set at £312,000.
In October 2007, Alistair Darling announced some significant changes to the laws surrounding Inheritance Tax (IHT). He has raised the threshold to £624,000 for married couples and those in civil partnerships. However, the threshold for single or divorced people remains at £312,000, rising to £350,000 by 2010. Previous to this, every individual had a £312,000 Nil Rate band; however, married couples had to ensure they had sufficient wills in place in order to use both Nil Rate Bands.
Despite the change, those people that are single, divorced or living with siblings will only have a £312,000 threshold.
In order to establish what IHT liability you have, why not try the Inheritance Tax calculator, supplied by Skipton Financial Services? If you have a liability, there are ways in which they can help reduce, or even remove it altogether.
If you would like to know more about Inheritance Tax and the ways in which to reduce it, download the free Skipton Financial Services Guide to Inheritance Tax.
What Next:
- Use the Calculator
FREE... and find out in an instant if you are liable for Inheritance Tax. Then let us guide you through the process of obtaining the most appropriate solution. - FREE Reader Guide
For a free, comprehensive guide to Inheritance Tax, click here to send for a copy.
This service is provided by Skipton Financial Services Ltd, which is authorised and regulated by the Financial Services Authority. Our FSA register number is 100013
