Inheritance Tax – What you need to know.
For a lot of people paying inheritance tax on a large slice of what they have accumulated over a lifetime may well be the most unappealing of all Crown debts. This is probably due to the fact that the two unavoidable certainties, i.e. death and taxes, will inevitably come together one day.
Unavoidable possibly, but definitely reducible. Here is a small list of helpful facts:
• Certain exemptions (such as donations to national galleries and museums, and gifts to housing associations)
• Charitable donations (left in a will)
• Costs of winding up your estate
• Funeral costs
Hopefully, some of what we have pointed out will help you understand your own potential exposure to IHT, or that of your family.
The good news is that inheritance tax is often referred to as the ‘voluntary tax’, being easily reducible with proper planning.
If you feel that your personal circumstances require professional advice, simply give us a call on 0131 552 9100 or email us and we will try to answer your specific queries and/or pass you on to our own IHT consultant.