These days, contrary to what most people think, Inheritance Tax is not only paid by the rich. Inheritance Tax is levied at a fixed rate of 40% on the value of an estate above £325,000 (for the 2016/2017 Tax Year). If you would like to see your family and friends benefit from the wealth you have worked hard to acquire, rather than pass on 40% to the taxman, then it makes sense to make plans to reduce your Inheritance Tax liability.
There are ways of mitigating your liability to Inheritance Tax, including:
- Annual & Small Gift Exemptions
- Will Planning
- Trust Plans
- Life Assurance