What is Inheritance Tax (IHT)?
Inheritance tax is charged against any assets that are transferred from your estate to your beneficiaries on death.
In the 2018/19, IHT is charged at 40% on all assets in excess of the current IHT allowance (or ‘nil rate band’) of £325,000.
All UK nationals are subject to inheritance tax (IHT) on their belongings and assets, wherever they may be in the world.
IHT could also be charged against any transfers or gifts from your estate prior to your death depending upon when they were gifted.
If you need some help with an inheritance tax query then please don’t hesitate to call us on 02084327333. We’ll put you straight through to one of our experts.
Current Inheritance Tax Threshold
The Nil-Rate Band Allowance
The current IHT allowance or ‘nil rate band’ was introduced at the start of the 2009/10 tax year and will remain frozen at £325,000 until the end of 2020/21 tax year.
As of the current (2018/19) tax year, inheritance tax will be charged at a rate of 40% on all the assets in an estate that exceed the nil-rate band of £325,000.
Main Residence Nil-Rate Band
From the start of the 2017/18 tax year, Britons will receive an additional inheritance tax threshold allowance of £100,000 that can be used against their main residence when it’s passed to a descendant. This will gradually rise in future years, reaching £175,000 by 2020/21.
Main Inheritance Tax Exemptions
- There’s no inheritance tax liability between spouses and civil partners.
- Gifts up to a combined total of £3,000 in total in each tax year.
- Most gifts to people made more than 7 years before your death.
- Gifts to UK charities, national museums, universities, political parties the National Trust and other eligible bodies.
- Business property relief (BPR) is available on certain types of company shares, while HMRC also exempts certain other types of asset and a range of annual gifts.
Gifts Can Reduce Your IHT Bill
Making gifts during your lifetime can reduce the size of your estate for IHT purposes.
Potentially exempt transfers (PETs)
Most of the gifts you make during your life to individuals will be considered as PETs. They will be exempt from inheritance tax so long as you live for 7 years after making the gift.
If you die within 7 years of making the PET, the recipient of the gift may be liable to IHT if the total value of the gift plus your residual post-gift estate exceeds your nil-rate band allowance.
A range of smaller gifts can also be given each year subject to the annual gift allowances.
The Main Residence Nil-Rate Band (MRNRB)
The new main residence nil-rate band (MRNRB) will apply when the main family residence is passed to descendants.
From the start of the 2017/18 tax year, Britons will receive an additional inheritance tax allowance initially worth £100,000 each.
The allowance will start at £100,000 and rise £25,000 each year until the 2020/21 tax year when it reaches £175,000. From then it’s scheduled to rise in line with inflation (CPI).
In the case of larger estates, the MRNRB will be tapered by £1 for every £2 that the deceased’s net estate exceeds £2m. This tapering will also reduce the amount of unused allowance that can be transferred to surviving spouses or civil partners.
Making Sense of Inheritance Tax
The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.
Tax treatment varies according to individual circumstances and is subject to change. The rates of tax, reliefs and allowances describe on this page are accurate at the time of writing (March 2018) based on our understanding of the relevant legislation.
What is Inheritance Tax (IHT)?
In the UK, inheritance tax is a tax payable on the estate of an individual who has died. How much inheritance tax you pay will depend on the value of your estate.
Your estate is made up of most things that you own at the date of your death, such as cash, jewellery, most stocks and shares, other financial assets, homes, land, cars, Life Insurance policies not written into trust etc.
HMRC imposes inheritance tax on any assets that are transferred from your estate to your descendants or other beneficiaries, with a few inheritance tax exemptions and exceptions discussed below.
On top of a charge on the transfer of assets upon death, IHT may also be due on gifts you make within your lifetime that were made in the 7 years (and potentially up to 14 years) prior to your death.
All UK nationals are subject to IHT on their belongings and their assets, wherever they may be in the world.
Once only a concern of the very wealthy, IHT is creeping up on all of us thanks to two factors. Firstly, the nil-rate band has been frozen at £325,000 since 2009/10. Secondly, UK house prices have enjoyed prodigious growth in recent decades.
It’s now becoming far more common to have an estate worth in excess of the nil-rate band threshold thanks to rising house prices, which means many more of us and our families will have to consider getting IHT advice and estate planning in the future.
Pensions & Investments Expert at Drewberry
Who Pays Inheritance Tax?
The inheritance tax rate in 2018/19 is 40%, which is charged on all assets a single individual has worth more than £325,000. This £325,000 inheritance tax threshold is known as the nil-rate band. This figure has been frozen since 2009/10 and will remain frozen until the 2020/21 tax year. Anyone with an estate worth more than this will typically pay inheritance tax on the value of the estate above this figure.
Rising property prices and the frozen nil-rate band have played a big part in the growth in IHT liability in recent years. According to HMRC, the amount of IHT paid more than doubled between 2009/10 and 2016/17, rising from £2.4 billion to £4.84 billion.
Who Pays the Inheritance Tax Bill?
For an inheritance tax liability generated on death, IHT is most commonly paid out of the estate. Any IHT liability usually has to be paid before beneficiaries can be granted access to the estate. The person dealing with the estate – known as an executor, assuming the deceased individual has left a will – will be responsible for paying the IHT bill.
In the event of you giving a gift to an individual and dying within 7 years (and potentially up to 14 years) of making that gift, the individual you made the gift to may have to pay the inheritance tax due on that gift if it’s in excess of your nil-rate band.
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Inheritance Tax Thresholds and Limits
As mentioned, if the the value of your total estate – including your family home – comes to less than £325,000, there’s no inheritance tax liability. However, if your estate is worth more than this, IHT is due at 40% on everything above the £325,000 nil-rate band threshold.
Civil Partners, Spouses and Inheritance Tax
As mentioned, each individual has a nil-rate band of £325,000 that they can leave to beneficiaries before having to pay IHT (plus a £100,000 main residence nil-rate band from the start of the 2017/18 tax year – see below – where applicable).
Transfers of assets between spouses and civil partners are exempt from IHT, so you can leave as much as you like to your partner without having to worry about an inheritance tax bill (although an IHT liability will then likely arise on their death).
You can also transfer any unused nil-rate band and main residence nil-rate band to your spouse upon death, which means the inheritance tax threshold for couples in 2017/18 stands at a potential maximum of £850,000 (£325,000 + £325,000 + £100,000 + £100,000).
That means married couples/civil partners can potentially leave behind up to £850,000 in the 2017/18 tax year without having to worry about paying IHT.
It’s important to note that it’s a percentage (%) of the remaining allowance that’s passed, not its cash (£) value. If a husband dies and leaves half his nil-rate band or main residence allowance to his partner, the partner’s estate will qualify for 50% of the nil-rate bands that are in force at the time of their death – not his.
- Find out how any unused nil-rate band allowance can be passed to your spouse or civil partner →
- Find out how any unused main residence allowance can be passed to your spouse or civil partner →
What is the Main Residence Nil-Rate Band?
Until the start of the 2017/18 tax year, inheritance tax on property was treated just the same as inheritance tax on other assets, such as cash in the bank.
However, from the start of the 2017/18 tax year, the government introduced an extension to the nil-rate band specifically for family homes. The new main residence nil-rate band (MRNRB) applies in cases where the main family home is passed to children (including adopted, foster or step children), grandchildren or into the joint names of the deceased’s child and their spouse.
The MRNRB will start at £100,000 and is planned to rise in £25,000 annual increments until the start of the 2020/21 tax year when it reaches £175,000. Thereafter it will rise in line with inflation.
How Does the IHT Main Residence Allowance Work?
The allowance can only be applied to one residence (which will need to be nominated in the event that there’s more than one property in the estate) and can’t be used for properties that were never a residence, such as buy-to-lets or commercial properties.
The residence allowance can also be inherited by a spouse or civil partner, even though their partner may have died many years before its introduction in the 2017/18 tax year.
In cases where the first spouse or civil partner dies with an estate worth £2m or less, the remaining spouse will always be entitled to 100% of the standard main residence nil-rate band (MRNRB) for that year.
Where the first spouse’s estate is worth more than £2m, the remaining partner will see any unused main residence allowance they inherit tapered by £1 for every £2 that the deceased’s net estate exceeds £2m. Where the surviving partner dies and their estate is worth over £2 million, they’ll also be subject to the tapered MRNRB.
The introduction of the main residence nil-rate band means that, by the start of the 2020/21 tax year, married couples and civil partnerships will enjoy a joint IHT allowance of up to £1 million on their estates (£325,000 + £325,000 + £175,000 + £175,000).
Main Residence Nil-Rate Band
Rises in line with inflation
Downsizing and the Main Residence Nil-Rate Band
Anyone who chose to ‘downsize’ or sell their main residence after 8 July 2015, to move into residential care or the home of a relative, will have their main residence allowance protected.
So long as any replacement property or assets that might arise form part of their estate that is passed to their descendants, their full main residence allowance will apply.
Inheritance Tax Exemptions
While inheritance tax is due on most assets passing from a deceased individual, or on assets a deceased individual passed within 7 years (and potentially up to 14 years) of their death, there are certain IHT exemptions that you can make use of.
Spouses and Civil Partners
As mentioned, there’s no IHT liability on gifts between spouses and civil partners. However, there is typically inheritance tax to be paid on assets that are passed between partners that aren’t married.
Even so, passing your assets to your spouse or civil partner won’t necessarily shield those assets from IHT. Anything you pass to your spouse or civil partner will inevitably count against their individual nil-rate band when they die (although they can also make use of any unused nil-rate band you may have left behind).
Small Gifts and Inheritance Tax
Each year you can give small gifts up to a specified limit that are immediately exempt from inheritance tax (see below). You can also give gifts in a range of other circumstances – such as wedding gifts to children and grandchildren – and these will also typically be inheritance tax-free, again up to a certain limit.
Assets Exempt from IHT
There are a number of specialist asset classes that are exempt to inheritance tax which include but are not limited to:
- AIM-listed stocks – such shares held directly (ie not in a fund) for a period of two years could potentially escape IHT.
- Agricultural property – a complex relief based on the agricultural value of a farm that tends to work in tandem with business property relief (BPR).
- Woodland property – where the wood is managed commercially and qualifies as a business asset.
- Heritage assets – such as buildings, land or objects of “national scientific, historic or artistic importance”.
For a full breakdown of the different types of investment assets that can be used to avoid potential IHT liabilities, see Investing in IHT-Exempt Assets.
The assets and investment above are high-risk and can be difficult to sell. The value of the investments and the income they produce can fall as well as rise and investors may not get back what they originally invested, even taking into account the tax benefits.
What is Business Property Relief?
Business property relief (BPR) may act to reduce the value of a business or its assets for IHT purposes. Note that business relief only applies in situations where the deceased owned the business or asset for at least 2 years prior to their death.
BPR offers business owners 100% IHT relief on:
- Their business or their interest in a business; or
- Shares in an unlisted company (or the majority of AIM-listed companies).
Meanwhile, 50% business relief is available on:
- Share holdings that control more than 50% of the voting rights in a listed company;
- Land, buildings or machinery owned by the deceased and used by a business in which they were a partner or in which they held a controlling interest;
- Land, buildings or machinery used in the business and held in a trust that benefits the business.
Certain types of company don’t qualify for business relief. These include:
- Companies that specialise in making or holding investments or which deal mainly with securities, shares, land or buildings;
- Companies that are not-for-profit organisations;
- Companies that are being sold (unless the sale is to a company that will carry on the business and pay the estate mainly in shares from that company);
- Companies that are being wound up (unless the wind up is intended to allow the business of the company to carry on).
BPR qualifying investments are high risk and can be difficult to sell. The value of the investment and the income from it can fall as well as rise and investors may not get back what they originally invested, even taking into account the tax benefits.
Non-Domiciles and Inheritance Tax
For those Britons who are not UK domiciled, IHT is only due on their UK assets such as British properties or bank accounts. Their foreign currency bank or post office accounts, overseas pensions and fund holdings will be excluded from IHT.
From 6 April 2017, you’re typically classed as a UK domicile if you’ve been resident in the UK for 15 of the 20 years before the start of that tax year, even if you weren’t resident in the UK at the relevant time. However, if you left the UK before 6 April 2017 and don’t return the new rules don’t apply.
However, the rules are different if you’re non-UK domiciled but have assets in a trust, own government gilts, or you’re a member of visiting armed forces.
Gifts and Inheritance Tax
There are three main types of gift when it comes to inheritance tax:
- Exempt transfers
- Potentially exempt transfers
- Chargeable lifetime transfers.
The UK tax regime allows for a number of gifts to be made to individuals and these are immediately outside of your estate and free from IHT, regardless of how long you live for after making the gift. The main exemptions to inheritance tax are:
- The married couples’ exemption – there’s no inheritance tax liability between husband and wife or civil partners.
- The annual gift exemption – allows anyone to gift up to a combined total of £3,000 in each tax year (6 April to 5 April) to whoever they chose.You can carry over up to £3,000 in unused IHT allowance from one tax year to the next, but you must use up all of your allowance in that tax year.
- Small gifts exemption – small gifts of up to £250 can be made to as many people as you choose – although you can’t use your annual exemption and your small gift exemption on the same person in the same year.
- Wedding gifts – you can gift up to £5,000 to your children/stepchildren as a wedding gift. Smaller allowances are available for grandchildren (£2,500) and gifts to friends or other relatives (£1,000).
- Gifts to charities or political parties – certain gifts to political parties as well as those to charities, museums and universities are free from IHT. If you leave more than 10% of your estate to charity, your overall IHT rate is reduced to 36%.
- Gifts for living costs – help a former spouse, elderly dependent or child under 18 in full-time education with their living costs without any IHT liability.
- Gifts out of excess income – this covers regular gifts only, such as Christmas and birthday presents, but you must prove that you are able to maintain your current standard of living after making said gifts. The gifts must form a pattern of gift-giving to pass this test.
It’s essential that you can prove gifts you make out of excess income were made:
- As part of the gift-giver’s normal expenditure
- Out of income (taking one year with another)
- Leaving behind enough income to maintain the gift-giver’s normal standard of living.
Giving gifts out of ‘excess income’ is a complicated area with a great deal of rules defining what’s considered a ‘normal’ gift for the gift-giver and what’s classed as the gift-giver’s income.
It’s best to get advice in this area from a professional adviser – drop Drewberry a call today on 02084327333 to discuss this or any other inheritance tax issues.
Pensions & Investments Expert at Drewberry
Inheritance Tax and Potentially Exempt Transfers (PETs)
Gifts to individuals – other than those exempt gifts listed above – are typically classed as potentially exempt transfers or PETs.
There’s no inheritance tax to pay on a PET at the time you make the gift, but inheritance tax may be due on the gift if you die within 7 years – and potentially up to 14 years – of making that gift from your estate.
Essentially, the PET gets dragged back into your estate if you die within 7 years of making it, which means if the value of the gift plus your residual estate exceeds your nil-rate band there’ll be inheritance to pay on the gifted PET on the part of the person who received the gift.
If you fail to live the 7 years required by HMRC, whoever received the gift will be faced with a tax bill. This is known as a ‘failed PET’. However, there is tapering relief available on failed PETs depending on how long you live after making the gift.
Taper Relief on Gifts
Years from Gift to Death of Donor
IHT Rate Applied
< 3 Years
Chargeable Lifetime Transfers
While most non-exempt gifts to individuals will be classed as PETs, most gifts into trusts (with some exceptions) are typically chargeable lifetime transfers (CLTs).
A CLT is so named because there is typically a 20% lifetime charge on the asset(s) being settled into the trust by the settlor (gift-giver). At the time of the transfer if the value of the gift into trust (plus any other CLTs made in the previous 7 years before the ‘current’ CLT) is in excess of the gift-giver’s nil-rate band, inheritance tax is typically due at the lifetime rate.
You may, however, have to pay inheritance tax on the gift if the settlor dies within 7 years of making the CLT, in which case an additional 20% tax will be levied to bring the IHT due up to the 40% ‘death charge’.
CLTs are also subject to periodic charges if the value of all relevant CLTs exceeds the nil-rate band on each 10 year anniversary of the settlor making the CLT.
With most PETs, there will be no inheritance tax to pay providing the gift-giver lives 7 years following the date of the gift. For CLTs, there will typically be no further IHT to pay other than the 20% lifetime charge providing the individual lives for 7 years after the date the gift is settled, also.
However, matters become more complicated when these two types of gift-giving are combined.
If an individual makes a CLT more than 7 years before dying followed by a PET within 7 years of the initial CLT, then the earlier CLT may also be caught up for IHT calculation purposes. This potentially means gifts made within 14 years of death could be chargeable.
- 2007: Jane makes a CLT to a trust of £100,000
- 2013: Jane makes a PET of £250,000 to her son, John
- 2015: Jane dies.
While it would initially appear that the CLT, made 8 years before Jane’s death, would be excluded from IHT calculations, matters are complicated by the 2013 PET (note that regardless of the CLT, the PET fails as it was made within 7 years of Jane’s death).
To calculate the nil-rate band available to offset the PET, events in the 7 years prior to the PET must be considered.
In this instance, the £100,000 CLT reduces Jane’s available nil-rate band to £225,000, less than the failed PET she made in 2013.
Jane’s IHT bill on the failed PET would therefore be calculated as such:
- Value of PET: £250,000
- Less available nil-rate band: (£225,000)
- IHT charged at 40% of £25,000: £10,000.
Inheritance tax would also be charged on any residual sums left in Jane’s estate, as all of her nil-rate band had been used by the failed PET
While a CLT made within 14 years of death may not create a liability at death in itself, it could nonetheless reduce the nil-rate band available to offset a subsequent PET where death follows within 7 years of the PET and 14 years of the initial CLT.
Beware Gifts with Reservation of Benefit
When you give away a gift, it’s essential you dispose of that gift entirely. You must not retain any interest in or continue receiving a benefit from the asset you give away, otherwise the gift will fail and will be charged for IHT on your death.
No matter how long you live after giving a gift it will NEVER be free of IHT liability if you retain an interest in the asset itself.
Pensions & Investments Expert at Drewberry
A good example is what frequently happens when parents decide to gift the family home to their children but remain in residence. As the parents have ‘reserved a benefit’ it can never qualify as a potentially exempt transfer (PET).
When the parents eventually die, the full value of the property – including any price appreciation in the years since they made the transfer – will count as part of their estate and so be liable to IHT.
For this to succeed as an inheritance tax planning strategy, you must pay your children a market rent on the property to prove you are reserving no benefit in the home. This is obviously fraught with difficulties and should be discussed with an expert before you even consider taking this course of action.
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Inheritance Tax and Trusts
As mentioned, you can make gifts into trust in your lifetime, most of which will be chargeable lifetime transfers (CLTs) and therefore subject to a 20% lifetime charge.
Although trusts can offer an effective means to reduce IHT liability, they’re not a one-off purchase. An effective trust will need to be monitored and reviewed regularly to ensure that it continues to do its job.
In most cases, any assets within a trust will be re-assessed for inheritance tax every 10 years to take account of changing valuations.
In most instances, any cash or property that’s put into such a trust will attract an immediate 20% IHT bill if it exceeds that individual’s inheritance tax allowance. If the settlor dies within 7 years (and potentially up to 14 years), an additional 20% could then be charged to bring it up to the IHT charge on death.
Common Types of Trust
- Bare trusts – the simplest types of trust, these are generally set up for children who, upon reaching the age of 18, are entitled to both the assets and the income from the trust. The beneficiaries of such trusts are named at the outset and can’t be changed. Gifts into a bare trust are considered PETs, not CLTs.
- Interest in possession trusts – where the beneficiary is entitled to an ‘interest’ in the assets within the trust, usually the income the assets produce, but not the income-generating assets. You could set up this type of trust for a partner, giving them a right to the income from the trust but have the assets held for your children. Interest in possession trusts are typically set up where an individual remarries but has children from a previous marriage.
- Discretionary trusts – the trustees (those who manage the trust) have absolute discretion over how the assets within the trust, and the income they produce, are used. This may be used where a grandparent sets up a trust for their grandchildren, with the trustees being the parents of the grandchildren.
- Trusts for bereaved minors – a bereaved minor is a person under 18 who has lost at least one parent or stepparent. Where a trust is set up for a bereaved minor, there are no Inheritance Tax charges if the assets in the trust are set aside just for bereaved minor AND said bereaved minor becomes fully entitled to the assets by the age of 18.
- Trusts for disabled beneficiaries – if the beneficiary of a trust qualifies for (even if they do not claim) certain benefits for disabled people, a settlor can set up a trust for disabled beneficiaries and the trust will not have to pay trust exit charges or the 10 year charge. Gifts into a trust for disabled beneficiaries are PETs, not CLTs.
- Mixed trusts – combines elements from different kinds of trusts, which may involve a beneficiary having an interest in possession (i.e., a right to the income) from half of the trust fund, with the remainder being subject to the rules of a discretionary trust.
Trusts are complicated business. As such, it’s highly recommended that you use an experienced, professional adviser to help you identify the most suitable trust arrangement for your needs and ensure that the trust is properly administered. Give one of Drewberry’s experts a call today on 02084327333.
Paraplanner at Drewberry
Taxes and Charges on a Trust
Trusts aren’t free from inheritance tax and an array of other charges may apply depending on the type of trust you choose and your individual circumstances.
For most trusts, a gift into a trust is a chargeable lifetime transfer, which means that an immediate 20% lifetime inheritance tax charge is due on the assets if they are in excess of the individual’s available nil-rate band. If the individual dies within 7 years of making the gift, an additional 20% may be charged to bring the inheritance tax charge up to the 40% ‘death rate’.
- Exit charges – these may apply when taking assets out of a trust or drawing income from the assets within the trust, or when you wind the trust up.
- Income tax – with most types of trusts, either the trustees or the beneficiaries will have to pay income tax on the income they withdraw from the trust in the tax year they make the withdrawal. This will be on both dividends and income. It’s important to note that dividend income from trusts isn’t permitted as part of an individual’s annual dividend allowance, so tax is due on all dividend payments from a trust.
- Capital gains tax – capital gains tax is paid when an asset which has increased in value is taken out of or put into a trust. When assets are put into a trust, capital gains tax may have to be paid either by the person selling the asset to the trust or the person transferring the asset to the trust. When assets are taken out of a trust, the trustees usually have to pay the tax if they sell or transfer assets on behalf of the beneficiary and make a capital gain.
- 10 yearly charge – this is a complicated tax charge the trustees (or their legal representative) must calculate on each 10 year anniversary on all relevant property within the trust that exceeds the inheritance tax nil-rate band. It’s charged on the net value of any relevant property in the trust on the day before that anniversary. Net value is the value after deducting any debts and reliefs such as Business or Agricultural Relief.
Inheritance Tax Insurance Policies
Although you can take action to actively mitigate your family’s IHT bill, larger estates that include more valuable properties or significant investment portfolios will benefit from additional funding to meet future inheritance tax bills.
One method to mitigate inheritance tax liabilities is to take out Life Insurance, the proceeds of which are held in trust and so outside of your estate for IHT purposes. There are two main type of Life Insurance used to protect against inheritance tax: Whole of Life Insurance and gifts inter vivos policies. Which will be right for you depends on your individual needs and circumstances.
Whole of Life Insurance
Whole of Life Insurance does what it says on the tin. It’s an insurance product that will protect you for your whole life and pay out eventually when you die, whenever that may be. This is opposed to the more common term assurance policies, where the term is fixed for a set period and you only receive a payout if you die within that period.
Although more expensive than a Term Life Insurance policy, Whole of Life Cover written in trust will provide a tax-free lump sum on death that can be used to pay off any outstanding IHT liability that attaches to your estate.
Setting up a Whole of Life Insurance policy will require you roughly knowing your inheritance tax liability on your death, something that can be tricky to work out. This is something an expert can help you with – call Drewberry today on 02084327333 or use the calculator below.
Senior Paraplanner at Drewberry
Gift Inter Vivos Policies
Even if you’ve gifted away the balance of your estate to individuals via PETs, you’ll still have created a potential IHT liability. You’ll need to live for another 7 years if your beneficiaries are to escape a nasty tax bill. And when you make a PET that fails because you don’t live for 7 years, it’s your beneficiaries who are lumbered with the tax bill, not your estate.
In these situations, a set of decreasing term policies also known as a ‘gift inter vivos’ policy, can be useful.
With these policies, the sum assured falls in line with the taper relief available to potentially exempt transfers (PETS). This means they provide a specifically-designed way to protect your beneficiaries from a tax bill down the road.
Visit our Gifts inter vivos page to find out more about how these policies work in practice.
All Life Insurance policies, regardless of whether they’re Whole of Life or gifts inter vivos policies, will form part of your estate unless they’re property written into trust from the outset. Skipping this step will only add the value of your estate, having the opposite effect most people are aiming for when taking out such a policy. Speak to an expert adviser on the best way to set up an inheritance tax Life Insurance policy in trust today on 02084327333.
Wealth Administrator at Drewberry
Inheritance Tax Planning and Advice
Inheritance tax is a complicated area, especially when you start to attempt to reduce inheritance tax due with measures such as trusts and Life Insurance policies.
Fortunately, Drewberry has a team of experts trained to help in this area, so don’t hesitate to get in touch if you have any questions about inheritance tax or your liability to pay it. We’re available on 02084327333.
Alternatively, you can work out how much inheritance tax you might have to pay using our Inheritance Tax Calculator below.
Inheritance Tax Calculator
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