Inheritance Tax Planning
Are you sure your family won't inherit a tax bill?
The Government recently announced proposed changes to the Inheritance Tax rules which means that many people now believe that their estate will not attract Inheritance Tax. However, Inheritance Tax is still an issue and you need to be aware that:
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The Inheritance Tax threshold has not changed. It is still £300,000 per individual (tax year 2007/08). Anything over the threshold may still be taxed at 40%.
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Whilst married and civil partner couples will be able to consider transferring their Inheritance Tax threshold under the new rules, provided certain conditions are met, you may still be liable for tax in the future if your joint assets grow in value over time.
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If you are widowed, divorced, re-married, your civil partner has died or your civil partnership dissolved, it can be more complicated to understand if you're still affected.
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Regardless of your liability for tax, it is not a straightforward process for those inheriting your estate to benefit from the £300,000 individual threshold.
If you are unsure, find out more
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Calculate your potential Inheritance Tax liability
Could you be liable for Inheritance Tax? It's not just the rich that are affected. Use our Inheritance Tax Calculator to give you an indication of how much tax you might be liable for.
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Book a place at a Creating and Conserving Wealth seminar in your area
The Creating and Conserving Wealth seminar, presented by Legal & General, will provide you with guidance on the options available. It explores the Inheritance Tax issue, outlines potential solutions and provides an overview of investment choices to help your assets grow. You can follow this up with a one-to-one discussion of your personal finances with a Legal & General Consultant if you wish.
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Book an appointment with a Legal & General Consultant
Alternatively, you can book an appointment to discuss the facts around Inheritance Tax with a Legal & General Consultant at your local branch.
Not all forms of Inheritance Tax Planning are regulated by the Financial Services Authority.
Yorkshire Building Society introduces its customers to Legal & General for the purposes of advising on and arranging life assurance and investment products bearing Legal & General's name.
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