Tax planning
When you have worked hard all your life for what you possess, it is natural to want your family to receive the full value of their inheritance after your death. The main obstacle between you and the achievement of this goal is Inheritance Tax. Previously known as Estate Duty or Capital Transfer Tax, Inheritance Tax is payable on total transfers over £312,000 (for tax year 2008/09). The tax rate at death is 40% and on certain transfers during your lifetime it is 20%.
Inheritance Tax applies to anyone who lives in the UK. It applies to all property throughout the world.
It is therefore essential to take any legally permissible actions to minimise the Inheritance Tax due on your assets after your death. Latimer Hinks can provide expert advice on dealing with this situation, helping you preserve your wealth for the continuing benefit of your family.
For further information on specific issues, follow the links below or contact us.
