If you are worried about a potential inheritance tax liability then click onto the call back option above and request a call from one of our specialist inheritance tax advisers or call us on the number above.

Inheritance Tax Planning

In simple terms, Inheritance Tax is based on the value of your home and its contents, your savings and investments, and any other assets that you own in your name or jointly with others when you die and any gifts made in the seven years before your death. Assets passing to your spouse or to charity will be excluded. Qualifying business and agricultural property can also attract relief of up to 100%. Certain gifts that you may have made in the last seven years may be taken into account. Debts outstanding at the time of death will normally be deductible in determining the value of your taxable estate.

Inheritance Tax Planning & Advice

Without Inheritance Tax planning, many people can end up leaving a substantial tax liability on their death so that the beneficiaries of your estate can have a much lower value than anticipated. In some cases, the tax burden left on beneficiaries, particularly in respect of property, can result in the beneficiaries having to sell rather than retain the asset in order to meet the inheritance tax liability. Although transfers between husband and wife are tax free, such transfers really only postpone the tax liability because tax is payable on the estate of the surviving spouse.

Inheritance Tax is currently charged at 40% on the value of estates above £300,000. This figure can easily be reached when taking into account the value of property, life policies and savings. It is also worth bearing in mind that the value of some assets, particularly property, may have increased significantly since they were purchased.
Because of the increase in property prices in Britain over the last few years and the fact that many more people are now able to afford their own homes, many more people are leaving their heirs with a substantial amount of Inheritance Tax to pay.

If when you have calculated your own situation you end up with a figure in the bottom box then you could benefit from correct inheritance tax planning. Please complete the enquiry form and we’ll arrange for an Independent assessment of your situation and provide you with the relative personal advice and help you make the necessary arrangements, as there are many ways to reduce and in some circumstances remove this Tax Bill.

The definition of inheritance tax?
Inheritance Tax (IHT) is, essentially, a tax levied on any transfer of assets to other people or trusts. It is most commonly paid in respect of an individual’s estate on death, but it can also apply in respect of certain transfers of assets during life.

Great British Finance Limited are authorised and regulated by the Financial Services Authority (FSA). The FSA does not regulate some forms of Mortgage, Inheritance Tax Planning, Credit Cards, Personal Loans, Deposit Accounts & Insurance. If you are submitting an online request, we would advise to read our KeyFacts statement, links are at the top and bottom of this page.