This is not just about tax but making sure that your estate ends up in the hands of your intended beneficiaries in the most efficient and expedient manner. Make sure your Wills are update to date and reflect your wishes, do you have a Power of Attorney in the event of incapacity?

The right inheritance tax advice for you.
An increasing number of people have an Inheritance Tax (IHT) liability, due to their wealth increasing at a greater rate than the nil rate band thresholds.

• The nil rate band currently stands at £325,000 (2018/2019)

• From April 2017 a new allowance was introduced, the residence nil-rate band (RNRB), this will permit a further reduction of IHT due on the sale of the family home. This allowance will begin at £100,000 per individual rising to £125,000 in 2018, £150,000 in 2019 and £175,000 in 2020. This is in addition to the existing IHT band and for estates over £2m this RNRB will be clawed back.

• Upon death, if total assets exceed the thresholds every £1 will incur 40% tax charge, that has to be paid 6 months after the date of death
• To fully mitigate or significantly reduce your potential inheritance tax liability, check out some of the solutions below (to select the appropriate solutions for you make sure you address inheritance tax mitigation alongside your other financial objectives)

• Steps to reduce or avoid inheritance tax

• Make use of annual gift exemptions

• Most transfers between spouses and civil partners are exempt

• The first £3,000 of lifetime transfers in any tax year plus any unused balance from the previous year are exempt

• Gifts of up to £250 p.a. to any number of persons are also exempt
• Gifts in consideration of marriage or civil partnership of up to £5,000 by a parent and up to £2,500 by a grandparent or great grandparent, or up to £1,000 by any other person are all exempt.

• Gifts to charities, whether made during lifetime or on death are exempt.

• Consider giving away assets

• Set up a Trust

• Invest in exempt assets

• Spend it!