Inheritance Tax
Fox & Co financial management Ltd have specialised in helping clients to mitigate the impact of Inheritance Tax on their Estates and over the last 15 years we have worked closely with a number of leading Oxford based Solicitors in creating bespoke solutions for clients.
Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your Estate (including your share of jointly owned assets and assets held in some types of trusts) when you die is above £325,000 (Nil Rate Band for the 2011 - 2012 tax year). It is only payable on the excess above this Nil Rate Band. Inheritance Tax is charged at 40% under current legislation.
There are also a number of exemptions which allow you to pass on amounts (during your lifetime and/or in your Will) without any Inheritance Tax being due, for example:
- If your Estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if the value is above the £325,000 Nil Rate Band.
- Most gifts made more than seven years before your death are exempt (however advice should be taken)
- Certain other gifts, such as wedding gifts and gifts in anticipation of a civil partnership and charitable gifts are also exempt (again advice should be taken)
If you would like us to assist you in ensuring your Estate goes to those you intend to leave it to, please contact us for a review on 01993 708007.
The Financial Services Authority does not regulate Inheritance Tax.