Estate planning is not only for older or wealthy people. Life is always unpredictable. If you want your loved ones to get as much wealth as possible when you are out of the picture, know that once your assets exceed the IHT nil rate band of £325,000, your beneficiaries will pay taxes on your legacy. The golden rule is to find an inheritance tax specialist near me and do the IHT planning earlier. Legend Financial advisors will walk you through all the estate tax-efficient means you can strategise your inheritance and more.
Inheritance tax planning UK is one of the most intricate areas in tax, with several misconceptions still running large. Not many people know how the rules, exemptions, and allowances work together. This is why you need the most experienced IHT advisors when you want your will or trusts to be crafted in the best possible way. Surely, you do not want HMRC to be your favourite beneficiary should the time of bequeathal arrive. Legend Financial is here to maximise the money your loved ones will receive rather than let tax eat most of it up.
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If the estate’s value is less than the annual IHT threshold of £325,000, there will be no estate taxes/IHT paid. Exceeding that amount, the estate remains tax-free if it is given to spouse, civil partner, charity, etc.
The seven-year rule applies. If the giver lives seven years after giving the property, no IHT will be paid.
Through a relief arrangement called ‘potentially exempt transfer’, gifts will be fully exempted from IHT when the parents gifted the property and still live after seven years.
Even if there is no tax due, you will always need to inform HMRC if you receive money for an inheritance. If IHT needs to be paid, then you are expected to settle your liability within six months from your loved ones’ date of death.
The current annual gift limit is £3,000, which may be given by just one person or split by many.
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We provide services to our clients based on the principle of honesty, sound knowledge, reliability, and integrity, assuring the best quality and relevant advisory to our clients’ individual and business tax needs.
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246-250 Romford Road,
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Our Locations: Stratford, London ● Hounslow, London ● Milton Keynes ● Manchester ● Glasgow ● Bolton
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