Even though it’s the one tax you’ll never pay personally, inheritance tax (IHT) causes more heartache than most other UK taxes. IHT is a 40% levy on your estate when you die. The timing of the payment before any money is released from the estate – can cause real difficulties for grieving families. In extreme cases families are forced to take out loans or sell property to pay the tax.
It’s impossible to predict what the exact value of your estate will be. However, it’s worth taking the time to understand the overall position your family will be in, and planning ahead to minimise the amount of tax due.
Our top 10 tips for protecting family wealth cover:
- How much can you leave tax-free?
- Making an IHT plan
- Writing a will
- Options for your pension
- Gifts and exemptions
- Buying company shares
- Donating to charity
- Taking out insurance
- Equity release
If you’d like to work out whether you’ll be affected by IHT, download our guide.