The Willwriting Partnership

0161 7054382

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Inheritance Tax Planning

Recent changes to the tax rules means that tax planning through a Will and in particular through the use of Discretionary Trusts is no longer necessary for most people in a marriage or civil partnership.  With the recent introduction of the transferable nil rate band allowance between married couples and civil partners it has had the effect of doubling up the Inheritance Tax allowances available on second death.

However unmarried couples still need tax planning for IHT (see our page on Inheritance Tax).  It should be noted that to claim the nil rate band allowance on second death it will be necessary to provide HM Revenue and Customs with proof that the allowance was not used in whole or in part at the time of first death, however long ago that might have been. At the time of discussing your Will, advice can be given on a range of other options that may be available to help offset Inheritance Tax.

 

Contact us for a free consultation,
or call 0161 7054382 now.