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English Mutual Ltd
Head Office
22 The Tything
Worcester
WR1 1HD.
Tel: 0845 603 3679
Fax: 01905 613222

worcester@englishmutual.com

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Inheritance Tax

Whilst Inheritance Tax used to be a duty paid only by the wealthy, rising house prices means it now affects more people than ever before.

When you die the government assess how much you are worth. They take into account the value of your home, your business, any investments you hold, as well as any valuable items you may have too. If the total amount of your estate exceeds £325,000, then any amount above that threshold is taxed at 40%. From April 2012 the amount of tax is reduced to 36%, if you leave at least 10% of your estate to charity.

It's a tax that many people begrudge paying.

If Inheritance Tax affects you, then there are steps you can take which will reduce the amount of money your beneficiaries have to pay to the Inland Revenue.

These can include putting money into trust and gifting the money within the limits HMRC allowances. Whichever way you decide to approach estate planning, the earlier you take action the better chance you have of reducing your Inheritance Tax liability. This means more of your money is passed onto your loved ones in the future, and less is lost in tax.

The rules on Inheritance Tax can become complicated and it is important that you seek legal and financial advice in your planning.

To discuss your Inheritance Tax planning needs in detail click here to arrange an appointment with an English Mutual Financial Planner.
 

English Mutual Limited is an appointed representative of Sanlam Private Wealth UK Limited (which is authorised and regulated by the Financial Conduct Authority). English Mutual Limited and Sanlam Private Wealth UK Limited are both members of the Sanlam Group. Registered office: St. Bartholomew's House, Lewins Mead, Bristol, BS1 2NH, United Kingdom. Registered in England and Wales 3879955. English Mutual is a restricted financial advice firm, by which we mean that our recommendations will be restricted to the products and services of Sanlam where possible. In cases whereby Sanlam is unable to meet a client’s financial needs (for example where Sanlam does not offer a particular product), we will recommend an appropriate solution from the whole of the market.

Your home may be repossessed if you do not keep up repayments on your mortgage. A typical mortgage advice fee of £295 may be charged.The Financial Conduct Authority does not regulate Taxation Advice, Estate Planning, and some forms of mortgages. Equity release schemes can be very helpful but are not suitable for everyone. It is important to understand the risks and to understand the cost, the level of flexibility (if you might want to move home) and the possible impact on future state benefits. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration. Equity release schemes are high-risk products and you should take advice before you make any decision about whether to use them. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.