Planning for Inheritance

For the 2017/2018 tax year, the threshold at which you begin to pay inheritance tax (IHT) starts at £325,000 (£650,000 for married couples and civil partners), with an additional “main residence nil-rate band” (MRNRB) of £100,000 per person. However, a little planning can help you to access various annual allowances and exemptions. Regular gifts can be made from income without liability; small gifts can be made annually to children and for weddings and larger sums can become exempt if the donor survives seven years. Alternatively, you can organise funding for beneficiaries to pay the IHT bill via an insurance policy. 

For more information please do not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or by email on wwfs@wardwilliams.co.uk.