You’re likely to want to pass as much of your wealth to your loved ones as possible. And you’ll want to provide for your dependents, especially your spouse and children. But inheritance tax is complex – and expensive.
Inheritance Tax (IHT) is a tax on the value of the assets that you own – your estate – when you die. Charged at 40%, Inheritance Tax is applied to property; cash in bank accounts and personal belongings, foreign assets and even assets you have given away in the last seven years.
Many people think it is deeply unfair that the estate they have worked so hard to build up can potentially be subject to a 40% tax charge. IHT planning is commonly put off until the last minute, by which time it may be too late to make a difference.
If you own a business or investment property, then it is essential you obtain expert advice to ensure your estate is IHT efficient.
Fortunately, there are many solutions and strategies that can help mitigate the tax paid however many families fail to take full advantage of what is on offer. At Strathmore, we believe this is an opportunity lost. Our experts can recommend ways to structure your assets in order to protect your wealth for many years to come