IHT Nil Rate Band

The current inheritance tax IHT nil rate band is £325,000 (2010/2014). This means any estate with assets exceeding this is subject to IHT.40% tax will be due on the amount which exceeds the nil rate band. For example, if your estate is worth £350,000, IHT is payable on £25,000, at 40% means a bill of £10,000. If an estates worth is less that £325k, it will be classed as excepted and no tax is due.

If you`re concerned about your estate exceeding the IHT nil rate band, IWC offer a range of servicesto help avoid this. Including:

  • Will Writing
  • Business Wills
  • Estate Planning
  • Nil rate band discretionary trust
  • IPDI Trusts (immediate post death interest)
  • Pilot trusts

As a specialist company, we have a wealth of experience in estate and inheritance tax planning, will writing and probate. We can help you manage your estate so it`s as tax efficient as possible, which could safe your family thousands. Benefit from:

Up to the minute tax advice from highly qualified, full STEP members or Law degree professionals.

A comprehensive service; we can help you with all aspects of estate planning, will writing, tax mitigation and guide your family through the probate process.

Fixed Fees, IWC operate a low-cost, fixed fee system, with no expensive hourly rates.

Home Consultations; we can visit you to discuss how to mitigate your IHT liability from the comfort of your own home.

No Obligation Appointments & Free Quotes, call us on 0800 612 6105 for free help and advice.

We are fully Insured, regulated by the Society of Will Writers & Estate Planning Practitioners and are preferred advisors for the British Forces Pension Society. You can also see testimonials from our satisfied clients.

Valuing an Estate

During the probate process, the estate must be valued to determine whether or not IHT is due. The valuation includes:

all the assets that the deceased owned

their share of assets that were jointly owned and that pass automatically by survivorship

any assets given away in the 7 years before the person died

IHT nil rate band applies to the net value of the estate so liabilities and debts are then deducted. If this amount exceeds the NRB, the estate is liable.

Helping you!

The best way to stay under the inheritance tax nil rate band is to have a professionally written will which distributes assets in the most tax efficient way. An example of this would be by leaving everything to your spouse as this will be exempt from IHT. Another strategy is to distance your assets from the estate or reduce their value so you don`t exceed the IHT nil rate band. There are completely legal ways to do this including gifts, offshore accounts, becoming tenants in common and setting up trusts.

Methods to avoid could include:

  • The appropriate distribution of assets in your will
  • Selling your Interest in Property to your Spouse
  • Transferring your entire estate to an IPDI Trust
  • Gifts of up to £3,000 per year to beneficiaries
  • Gifting property to your children
  • Transferring death pay-outs such as pensions or life insurance into Pilot Trusts

Contact IWC on 0800 612 6105 to find out the most appropriate course of action for you and ensure your estate is within the IHT nil rate band.

Call us for a quote, instant help or impartial advice on freephone 0800 612 61050800 calls are free - 0333 are local rate - Just click to Call
Inheritance Tax Nil Rate Band

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