North Country Wills

Services include: - Free consultations for wills, inheritance tax planning, protective property trusts, disabled discretionary trusts, powers of attorney and living wills in the comfort of your own home

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INHERITANCE TAX PLANNING

Many people don't realise that inheritance tax is a problem for them, however, £3.6 billion was paid in inheritance tax during 2006-07.  The current threshold is £300,000 and inheritance tax is payable at 40% above this.

The Chancellor of the Exchequer Alistair Darling, changed inheritance tax laws from 9th October 2007 for married couples.  Mr Darling has enabled married couples to carry forward the unused nil rate band of the first spouse to die.  This enables married couples to have a current threshold of £600,000 and will increase to £700,000 by 2010.

Unmarried couples with assets over £300,000 (as at 6th April 2007) in their sole name will still have an inheritance tax liability.  Inheritance tax planning should be considered and a nil rate band discretionary trust may be appropriate.

Single people with assets over £300,000 will have an inheritance tax liability

If you have assets over the inheritance tax threshold, £300,000 as at 6th April 2007 (£600,000 for married couples), your estate will be liable to pay inheritance tax at 40%.

When assessing your estate for inheritance, the following is included:- 

  • Properties you own, including foreign ones or second homes
  • Bank & Building Society accounts
  • Personal goods
  • Motor vehicles
  • ISAs, PEPs, TESSAs
  • Stocks and shares
  • Businesses
  • Life policies and pension lump sums (unless in trust)

To discuss this further, please contact us.