Leading inheritance tax advisor in Louth. You may currently be on course to make HMRC one of the largest recipients of your estate. The Inheritance Tax (IHT) threshold is currently £325,000. There is also an additional ‘main residence’ allowance of £175,000 which applies if a person’s home is left to their direct descendants. This means the inheritance tax threshold may be as high as £500,000.
The inhertiance tax threshold has not kept pace with the inflation in house prices, so more and more people are potentially caught by Inheritance Tax.
What’s more, your estate, as measured for tax purposes, could include more than you realise. As well as property, your estate may include investments, bank accounts, cars, furniture, jewellery, other heirlooms and many other types of assets. Included too are some gifts made in your lifetime.
We can help you make a proper assessment of the value of your estate and whether Inheritance Tax is likely to apply.
HMRC will apply 40% tax to the value of your estate over and above that of the current threshold.
There are many ways to mitigate inheritance tax (IHT), to help protect your hard-earned assets and make sure your assets are left to your beneficiaries, and not HMRC.
Former Chancellor, Lord Jenkins once called inheritance tax “a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue”
We can help you plan now to lessen or completely remove the burden of IHT.
There are many reliefs and exemptions available. Some reliefs relate to specific assets, such as business property, while others depend on who is receiving a share of the estate, such as a spouse exemption or residence nil rate band.
We can advise you of the options available and help you put a plan in place.
Florins Pensions & Investments Ltd is authorised and regulated by the Financial Conduct Authority.
Florins Pensions & Investments Ltd is entered on the Financial Services Register https://register.fca.org.uk/ under reference 512554
Licensed by the Institute of Chartered Accountants in England and Wales to carry out the reserved legal activity of non-contentious probate in England and Wales
If you wish to register a complaint, please write to or telephone 01507 304222. A summary of our internal complaints handling procedures for the reasonable and prompt handling of complaints is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at financial-ombudsman.org.uk or by contacting them on 0800 023 4 567. If you cannot settle your Probate complaint with us, you may be entitled to refer it to the Legal Ombudsman at legalombudsman.org.uk or by calling 0300 555 0333.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.
