Will inheritance tax affect my will?
Inheritance tax (IHT) is an extremely unpopular tax which no longer only affects the very wealthy. The rise in value of property makes anyone who owns a home a prime target for the taxman on death.
Broadly speaking, when you die, if you own assets worth over £325,000, you will pay tax at 40% on anything which exceeds this amount. The good news is that this threshold is due to increase over the next few years to £500,000, but the regulations are quite complex as there are a number of restrictions that apply to this.
Professional advice on the impact of IHT on your estate should be taken so that you can minimise the amount of IHT that your family may have to pay on your death. An up to date Will can also assist in passing the family wealth on to those who you want to receive it, rather than paying any more money to the taxman than you have to.