Yorkshire Investment Group

Did you know?

“My family is my main priority” is a phrase we hear time and time again, as more people want to pass their assets to their children rather than the Exchequer.

Inheritance Tax
In many cases concern about Inheritance Tax (IHT) stems from the significant rise in house values. Little wonder then that a tax which only used to affect the wealthy is now being paid by increasing numbers of people.

If the total value of your estate is in excess of £300,000 including property and other assets, you could fall into the IHT trap, with tax of 40 percent payable on the excess. For example, if your estate was valued at £500,000 tax of £80,000 would be payable, if it was valued at £400,000 tax of £40,000 would be payable.

The government receives over £3.5 billion in IHT*. However, it is the only optional tax; you can do something about it and we can help you.

There are a number of ways to reduce the level of IHT. At the moment, married or civil partnership couples benefit from an inheritance tax allowance of £600,000, but many will still fall into the IHT trap . Of course if you are single, divorced or not in a legally recognised partnership an allowance of £300,000 applies, although these allowances will rise in stages to £650,000 and £325,000 respectively by 2010.

The good news is that you can take action to protect your assets in order to benefit your family and not the taxman.

If you don’t want to increase the Chancellor’s coffers, or would simply like to confirm whether you have taken the correct preventative measures, then please drop us an email or give us a call on our Inheritance Tax Advice Line 0800 298 7203 and put your mind at rest.

* Source www.news.bbc.co.uk 20/08/2006