{"id":7372,"date":"2020-07-28T15:53:03","date_gmt":"2020-07-28T14:53:03","guid":{"rendered":"https:\/\/sbwm.uk\/?p=7372"},"modified":"2020-07-28T15:53:07","modified_gmt":"2020-07-28T14:53:07","slug":"heirs-could-inherit-up-to-1m-tax-free","status":"publish","type":"post","link":"https:\/\/sbwm.uk\/v3\/newsletter\/heirs-could-inherit-up-to-1m-tax-free\/","title":{"rendered":"Heirs could inherit up to \u00a31m tax-free"},"content":{"rendered":"

Inheritance Tax (IHT) has come under the spotlight over the past few years; the Office of Tax Simplification have conducted a couple of reviews on the unpopular tax, which was left untouched in the Spring Budget. The good news is that, with expert planning, you can legitimately reduce the amount of IHT payable to HM Revenue & Customs and pass on assets to your family as intended.<\/b><\/p>\n

IHT thresholds \u2013 know your numbers<\/b><\/h5>\n

For individuals, the current IHT nil-rate threshold is \u00a3325,000, and \u00a3650,000 for a married couple or civil partners. Any unused portion of the nil-rate band can be passed to a surviving spouse or civil partner on death. Beyond these thresholds, IHT is usually payable at a rate of40%.<\/p>\n

Since April 2017, there has also been a main residence nil-rate band, which applies if you want to pass your main residence to a direct descendant (e.g. child or grandchild). For the 2020-21 tax year, this allowance is \u00a3175,000.<\/p>\n

Added to the existing threshold of \u00a3325,000 this could potentially give rise to an overall IHT allowance of \u00a3500,000 for individuals, or \u00a31m for those who are married or in civil partnerships. It\u2019s important to note that larger estates will find that residence relief is tapered, reducing by \u00a31 for every \u00a32 by which the net estate\u2019s value exceeds \u00a32m.<\/p>\n

Take professional advice<\/b><\/h5>\n

There are a variety of ways you can reduce IHT and we can help you decide what could work best for you. If you feel that your estate is likely to be subject to IHT you should obtain in-depth professional advice that looks at all aspects of your requirements, lifestyle and goals, and develops a financial strategy that meets your needs.\u00a0<\/p>\n

\"\"<\/a>For further information on Estate Planning please contact one of our advisers on <\/i>01252 626200<\/i><\/b> or download our free Key Guide:\u00a0<\/i>You and yours \u2013 estate planning<\/a><\/p>\n

Our full range of Key Guides can be found at:\u00a0<\/i>www.sbwm.uk\/resources\/key-guides<\/a>\u00a0<\/span><\/i><\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Inheritance Tax (IHT) has come under the spotlight over the past few years; the Office of Tax Simplification have conducted a couple of reviews on the unpopular tax, which was left untouched in the Spring Budget. The good news is that, with expert planning, you can legitimately reduce the amount of IHT payable to HM […]<\/p>\n","protected":false},"author":2,"featured_media":7380,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"wds_primary_category":33,"footnotes":""},"categories":[33],"tags":[],"class_list":["post-7372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-newsletter","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"builder_content":"","_links":{"self":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts\/7372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/comments?post=7372"}],"version-history":[{"count":0,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/posts\/7372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/media\/7380"}],"wp:attachment":[{"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/media?parent=7372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/categories?post=7372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sbwm.uk\/v3\/wp-json\/wp\/v2\/tags?post=7372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}