Inheritance Tax (IHT) has an increasingly broad reach.
Do you know the potential impact on your estate and the best routes to address this? The impact on a relatively modest estate can be quite shocking and sadly on a large estate it could be ruinous.

Your estate will include most of your worldwide assets (as UK domicile) at the date of your death, including personal items, investments and the family home. It may also include a proportion of gifts you have made during your lifetime.

With current house prices, the majority of people in the UK will be impacted by IHT. This tax must be paid before Probate can be obtained.

On death, your Personal Representatives are liable for any IHT, which is normally due six months after the end of the month in which death occurs. This can often mean that the Personal Representatives have to take out a loan to pay the tax.

There is only a single 40% rate on the aggregate value above the ‘Nil Rate Band' (£325,000 for a single person or £650,000 for a married couple/civil partnership where the full allowance is passed to the survivor until 2014/2015).

I am happy to send you a complimentary copy of the St. James's Place Guide to Inheritance Tax.

Trusts and some areas of Inheritance Tax Planning are not regulated by the Financial Services Authority.