Inheritance Tax Planning
Many of the clients we work with are often unaware they have a tax liability. Nobody would wish for HM Revenue & Customs to be the biggest beneficiary of their estate when they die, but that scenario is increasingly possible without the correct planning in advance.
Plan for your future with Inheritance Tax Planning options
Once considered a tax on the truly affluent, Inheritance Tax now affects more families than ever before.
An estate may be subject to Inheritance Tax if, on death, it exceeds the individual’s nil-rate band threshold, which currently stands at £325,000. The value of the assets above the £325,000 inheritance tax threshold may be subject to up to 40% tax.
What is the Inheritance tax threshold?
From 6 April 2017, each person received an additional tax-free allowance to use against the value of their estate if their home or former home is passed to a direct descendant. This additional allowance is known as the Residence Nil Rate Band (RNRB). The RNRB now amounts to £175,000 for an individual. This will be reduced for estates in excess of £2m.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Committed to your objectives
There are numerous methods used to help mitigate inheritance tax, such as gifting, will planning and the use of trusts.
Through regular review meetings with your dedicated financial consultant, we can adjust the mix in order to reflect your changing needs or any changes to the markets.
The earlier you start your inheritance plan, the more effective your plan will be, enabling you to pass as much of the proceeds of your estate to your beneficiaries, as opposed to HMRC.
The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
Will writing involves referral to a service that is separate and distinct to those offered by St. James’s Place and along with Trusts are not regulated by the Financial Conduct Authority.
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Our expert advice is no-obligation, simple and tailored to you. Why not book an appointment?
Cooper Associates Wealth Management have always put my best interests first by giving advice which is second to none. I would recommend their services to anyone as their knowledge, service and support is exceptional.
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Our Locations
Taunton (Head Office)
T. 01823 273 88040 St. James Buildings,
St. James Street,
Taunton, Somerset TA1 1JR
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T. 01392 345 544Regus Business Centre,
3rd Floor, The Senate,
Southernhay Gardens,
Exeter EX1 1UG
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6 North East Quay,
Sutton Harbour,
Plymouth PL4 0HP