Inheritance Tax Lawyers Strathaven
Planning ahead for when you die isn’t always easy, but it can take the strain of administering your affairs away from your loved ones. Making a will, setting up a power of attorney, establishing a trust and maximising your inheritance tax reliefs can all help lighten the burden on your family, as well as ensuring your final wishes are carried out.
Planning for the Future – Inheritance Tax
Inheritance tax, commonly shortened to IHT, is a tax which is payable from your estate on death. The law allows you to minimise the amount of tax which is paid by arranging your affairs in order to reduce your overall IHT liability.
The current inheritance tax threshold is £325,000. This means that if your overall estate is worth less than this at the time of your death, then you are not liable to pay any IHT. Special rules also apply to married couples and civil partners to transfer any unused inheritance tax thresehold from one estate to another after death to minimise IHT.
Anything you leave to your spouse or civil partner on your death is free from IHT.
In addition to this, certain gifts and legacies (bequests made in your will) are exempt from IHT:
- Gifts made to charities, wither during life or in your will.
- Gifts which you make 7 years or more before your death.
- Gifts which fall under the annual exemption – £3000 for the tax year 2012/2013. This allowance can be rolled over into the next year.
- Gifts of less than £250.
Planning ahead is key to minimising IHT therefore for more advice on inheritance tax planning, contact our inheritance tax solicitors based in Strathaven today.
Inheritance Tax Solicitors Glasgow & South Lanarkshire
We help our clients plan ahead in Glasgow and throughout Lanarkshire.
No matter where you are based, we have the expertise to help.