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Understanding Capital Gains Tax & Income Tax

Inheritance Tax: Understanding Capital Gains Tax & Income Tax


Inheritance Tax

Inheritance Tax

Pen-Life Associates Ltd provides expert advice on inheritance tax and financial planning to secure your legacy.

The taxman isn't content to bleed you for every penny earned throughout your life. He also wants to harangue you and yours in death, through the inheritance tax levied upon your estate.

How much is inheritance tax?

It depends on how much you have:

£0–£325,000 Inheritance tax not payable
£325,000+ 40%
£325,000+ (reduced rate for charitable donations) 36%

If your worldly assets are valued at more than £325,000, your beneficiaries are going to see 40% of it going straight into the taxman's coffers. However, since 6 April 2012, if you leave 10% of your estate to charity the inheritance tax due is reduced to 36%.

Act now!

Don't get caught out. Even if you think it won't affect you, there is a chance that your house alone could be pushing you over the line. House prices have risen considerably in recent years and the inheritance tax threshold has failed to react to this change.

It's not all doom and gloom though. With the right financial planning, you could legally reduce the amount the taxman takes or avoid inheritance tax altogether, ensuring your family receives every penny they're entitled to.

To ensure your family inherits the lion's share of your estate, use our Inheritance Tax Calculator to see how much you could end up owing.

For inheritance tax planning advice from our experts, call us on 0190 466 1140 or email to find out how you could keep the taxman at bay.