Seasons greetings! As the holiday approaches we would like to take this opportunity to inform valued clients and potential new customers of our opening hours and Christmas activities.
The Inheritance Tax allowance for married homeowner couples is set to increase to £1 million by 2020. Each parent will be able to leave £500,000 in property – up from the current £325,000 per person – without paying Inheritance Tax. This is great news for the rising number of people whose estates are now falling within the inheritance tax band. The upsurge in house prices have seen swathes of families now facing inheritance tax bills where no long ago it was the reserve of the wealthy. Effective tax planning can serve to minimise, or eliminate any Inheritance Tax liability. At 40%, your loved ones can lose a significant amount of their inheritance to taxes. Speak to one of our solicitors to see if we can help if you think your loved ones’ inheritance may be affected by Inheritance tax.