Inheritance Tax
What is Inheritance Tax?
When we die, we are potentially liable to pay Inheritance Tax on the value of our assets or “estate”. Of course, there are certain allowances that reduce any such liability, but each year the Treasury receives well over £6 billion from this form of taxation. The current rate of Inheritance Tax is 40% but this drops to 36% if you make a significant donation to charity.
Currently just one in twenty people leave a gift to charity in their will. If we could increase the number of people leaving charitable legacies, we could channel tens of millions of pounds, if not hundreds of millions of pounds, to worthy causes, every year.
At present few people pay Inheritance Tax – it’s about 1 in 25 of us – but for those who do pay Inheritance Tax it can be quite a substantial sum. And with house prices rising and Inheritance Tax allowances frozen until 2028, the number of people paying Inheritance Tax is liable to grow.
So what should I do?
Inheritance Tax planning can be complex. Everyone’s personal circumstances are unique. Some people own more property, while others have more in savings and investments. It’s wise to take professional advice.
If this idea appeals to you we suggest you talk to your financial adviser, your accountant or your legal adviser and direct them to our website for further information.
We all have a duty to leave the world a better place than we found it. Show your commitment & talk to your financial adviser, your accountant or your legal adviser.