Legacy Planning
Passing your wealth down the generations
Choosing the right methods to transfer your wealth to your family
The Labour politician Roy Jenkins in 1986 famously said “Inheritance Tax, is broadly speaking a voluntary levy paid by those who distrust their Heirs more than they dislike the Inland Revenue.”
Legacy planning is working out how to pass unused wealth to your children, or future generations, without paying Inheritance Tax. We can advise on the various forms of trusts and investments that are available to reduce the tax on your estate, as well as making sure you are using the various allowances that are available.
Choosing the right methods to transfer your wealth to your family
The Labour politician Roy Jenkins in 1986 famously said “Inheritance Tax, is broadly speaking a voluntary levy paid by those who distrust their Heirs more than they dislike the Inland Revenue.”
Legacy planning is working out how to pass unused wealth to your children, or future generations, without paying Inheritance Tax. We can advise on the various forms of trusts and investments that are available to reduce the tax on your estate, as well as making sure you are using the various allowances that are available.
Inheritance tax banding
Inheritance Tax is charged at 40% on assets above your Nil Rate Band, which is currently set at £325,000. It’s called a Nil Rate Band because it is a taxable band with a 0% tax rate.
From 6th April 2017 the government introduced the ‘main residence nil rate band’, which could take some, if not all, of your home (main residence) out of Inheritance Tax. This applies to properties under £2million and where you pass your property to direct descendants. Transfers of property to a Trust do not qualify for this relief.
Tax Year
2017/2018
2018/2019
2019/2020
2020/2021
Main Residence Nil Rate Band
£100,000
£125,000
£150,000
£175,000
Inheritance tax banding
Inheritance Tax is charged at 40% on assets above your Nil Rate Band, which is currently set at £325,000. It’s called a Nil Rate Band because it is a taxable band with a 0% tax rate.
From 6th April 2017 the government introduced the ‘main residence nil rate band’, which could take some, if not all, of your home (main residence) out of Inheritance Tax. This applies to properties under £2million and where you pass your property to direct descendants. Transfers of property to a Trust do not qualify for this relief.
Tax Year + Main Residence Nil Rate Band
2017/2018
£100,000
2018/2019
£125,000
2019/2020
£150,000
2018/2019
£175,000
What we specialise in
Protection
Protecting you and your family
against the unexpected
Pensions
Bringing your retirement
plans to life
Investment
Making your capital work for
you along the way