Inheritance Tax Rules!

I recently saw an article in ‘International Adviser’ (I should get out more, I know!) about how many people are unaware of the Inheritance Tax (IHT) rules.

Just 7% of clients seeking advice believe they have any potential IHT liability, according to research by Prudential.

Properties in this area are priced a lot lower compared to other parts of the UK and whilst 7% is probably a reasonable proportion for ‘down South’, it’s less rare ‘up Furness way’. That said, we do advise many clients whose assets exceed the limits of £325,000 each, plus up to £150,000 for their house.

That allowance is limited to the house value, if it is less than £150,000 then you must leave it to descendants to qualify (that’s a basic summary). There are ways to lose the extra ‘house allowance’ if you are not careful. You need to make sure you maximise your allowances, which we can go through with you, tailored to your own circumstances.

As the article suggests, we take a ‘generational’ approach to inheritance. Death should not be the starting point. Estate planning should work to protect your assets within your lifetime, on your death and then for your family beyond that. Trust planning can protect assets in your lifetime but the rules on lifetime gifts and IHT can conflict.

Talk to us now to get your planning right for you and your family’s future. Why work hard to see what you’ve earned go to the taxman?

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Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563

Poole Townsend Estates Ltd. (Company No: 10960705) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Regulated by the Council of Licensed Conveyancers to provide Conveyancing services. (Firm no: 3438) VAT registration number 288092466. Our Estate Agency is a member of the Property Ombudsman scheme.

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