Inheritance Tax is a tax on the property, money and possessions of someone who has died. As with all taxes there are different rates, reliefs and exemptions. The funds from the deceased person's estate is used to pay Inheritance Tax and this is done by the person who is dealing with the estate. If there's a Will, this will normally be the executor. With Inheritance Tax there are various tax implications to be considered. For example, beneficiaries don't normally pay tax on what they inherit but they may be liable for taxes in other ways. A good example of this would be if they get rental income from a house that is left to them in a Will. Normally you won't pay Inheritance Tax if your estate's value is under a certain threshold or if you leave everything to a spouse, civil partner or charity. It is also possible to pay Inheritance Tax at a reduced rate if you leave 10% or more of the net value to charity.
How can we help?
Needless to say, Inheritance Tax is a complicated subject and requires professional advice in order for the deceased person's tax liability to be properly calculated taking into account relevant rates, reliefs and exemptions so the bill is reduced as much as possible under current tax rules. This is where we are able to tap into the expert knowledge of the professional independent financial advisers working for Nurture Financial Planning. As a result, you can be sure you will not only receive the right advice but also have at your disposal the unencumbered resources of a well-established, local financial advisory firm whose team of advisers have many years of experience behind them.