UK Inheritance Tax Planning
According to HMRC, from 2017, parents and grandparents will be able to leave homes worth up to £850,000 to their children without them paying inheritance tax, rising to £1 million by 2020.
This means each parent will be able to leave £500,000 in property – up from the current £325,000 per person – without paying the tax. When the first partner dies and this is passed on to the survivor, this takes their allowance to £850,000. These figures are subject to sufficient nil rate band being available to the surviving spouse.
These changes should be good news for home-owners, and here at gpfm we can ensure that you and your children are fully financially prepared.
Once you have decided that you want to review your Estate and look at ways of mitigating the IHT liability, we can provide the right advice and recommendation to help reduce the potential problem.
We work closely with other professional people such as solicitors to make sure no stone is left unturned. The first step is to make sure your Will is current and relevant then we can discuss all avenues of financial planning to make sure you have the income, access to capital and IHT savings you require for your needs and objectives both now and in the future. It’s not about selling a product it is about formulating a financial plan that works for you and covers all bases. It’s a journey we will go on together and we will be your ‘financial coaches’.
Contact us today and become part of the family.