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| Estate Planning |
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Avoid all Inheritance tax by making gifts now if you have a substantial
estate, currently £250,000. Provided you live for seven years after
the last gift and your remaining assets are below £250,000 then no
inheritance tax will be due.
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Give away up to £3,000 in any tax year. If you did not utilise this
allowance the previous year it can be carried forward to give £6,000
this year with no inheritance tax consequences.
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Transfer assets to your spouse and pay no capital gains tax or income
tax.
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Gifts on marriage- Up to £5,000 by a parent £2,500 by a grandparent
and £1,000 by anyone else.
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Charitable gifts - either during your lifetime or when you die charitable
gifts are free of inheritance tax.
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Make sure you make a Will and take sound advice with regard to the
tax implications.
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Consider the use of trusts to hold your assets. This can be complicated
so call to discuss.
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For further information please contact
us.
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