Inheritance tax (IHT) has traditionally been seen as a tax only for the very wealthy. However, with a threshold of £325,000 (£650,000 for married couples and civil partners) and the price of houses still relatively high, more and more people are finding themselves caught in the net. This could lead to many people having to sell long-held family heirlooms or investment assets to meet tax bills that a little bit of planning could help avoid. Benjamin Franklin famously said,
In this world nothing can be said to be certain, except death and taxes.
At Lexington Wealth Management, we have prepared a guide to inheritance tax to help you challenge the inevitable (according to Mr Franklin) which you can download here.
The guide is designed to help you through the maze of IHT, outlining who needs to be concerned, how it works and introducing some of the allowances you can use to help mitigate the effects on your estate. If you would like to discuss any of the points raised, please do not hesitate to contact us.