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Inheritance Tax Law

“The only certainties in life are death and taxes” (Benjamin Franklin).

Inheritance tax is a tax which is payable on the value of your estate at the date of your death and potentially on lifetime gifts. It is charged at a flat rate of 40% on the value of your estate over an exempt amount known as the nil rate band. The nil rate band is currently £325,000 although in respect of widows or widowers who die after 8 October 2007 the nil rate band may be increased by any unused proportion of the nil rate band applicable on the death of their pre deceased spouse. Nevertheless given the value of property, an increasing number of people are being caught by inheritance tax. It is important to review this in the context of making a Will - it may be possible to reduce the incidence of Inheritance Tax.

The act of making a Will provides an opportunity for discussion about suitable lifetime tax planning to minimise the incidence of Inheritance Tax, whether by way of lifetime gifts or by putting money into trusts either during your lifetime or upon death. If you own property jointly with your spouse or partner we will ask whether you are joint tenants or tenants in common. It is important to establish the appropriate form of joint ownership, especially if you wish to make particular provision with regard to your share of the property in your Will. You can only do this if you are tenants in common. Also if you wish to own the property other than in equal shares, you can only do this if you are tenants in common and in such cases an appropriate trust deed will almost certainly need to be prepared.

CONTACTS
Karen Perugini
Karen Perugini

Head of Wills and Probate

dd: 01722 820939
e: karen.perugini@sampsoncoward.co.uk

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Vicky Langdown
Vicky Langdown

Head of Property

dd: 01722 820932
e: vicky.langdown@sampsoncoward.co.uk

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Caroline Chandler
Caroline Chandler


dd: 01722 820936
e: caroline.chandler@sampsoncoward.co.uk

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