Let's be honest, who likes paying tax? And not only is Inheritance Tax unpopular (after all, you paid tax on your money when you earned it!), it can cost your loved ones dear in the event of your death, if you don't plan for it. By considering, planning for and taking action to mitigate Inheritance Tax with our expert and experienced team, you could enable your benefactors to retain much more of your hard earned money.

Keep it in the family, not banked by the Exchequer

At current rates (2019/2020) you can leave an estate of up to £325,000 before your inheritors pay any tax on it. This is known as the nil-rate band. However, home price inflation alone has pushed many estates above that amount in recent years. Plus you have to factor in any cash in bank accounts, savings, other assets, investments or businesses you own. As the HMRC will take around 40% of the value of any estate you leave above the current £325,000 threshold, you can see it makes sense to think and act ahead. We can advise you on a wide range of Inheritance Tax planning matters from spouse or registered civil partner allowances to simple gifts and trust funds.

Any assets you leave to your spouse or registered civil partner, provided they’re UK-domiciled, are exempt from Inheritance Tax. In addition, your partner’s Inheritance Tax allowance is increased by the amount you didn’t leave to others, so together a couple can currently leave £650,000 tax-free. Trust and tax advice is not regulated by the Financial Conduct Authority.

For a FREE, confidential and no-obligation discussion, please call us on 020 3603 5910, or e-mail info@coloma-wealth.com