As the average value of homes passes the IHT threshold …
Recent research by Albion indicates that the average price of a home in London, will reach £331,000 by next year, an excess of £6000.00 over the inheritance tax threshold of £325,000.00, currently fixed by the government until 2019. And whilst London leads, it is likely that many parts of the South East and the rest of the country will follow.
At this rate, far from Inheritance Tax (IHT) being a tax primarily paid by the rich it will effectively be a tax paid by the home-owning classes of Britain, a significant proportion of the population.
With IHT payable at a rate of 40% over the threshold any steps that can be taken to avoid or reduce IHT are essential if many people are to preserve their wealth for their families or other chosen beneficiaries, and quite literally save payment, in some cases, of hundreds of thousands of pounds to the Revenue.
The good news is that with careful planning and timing there are a number of tried and tested strategies which can significantly alleviate, if not remove, your liability to Inheritance tax.
At Solomons Solicitors, our specialist and experienced Lawyers, can assist you in formulating a n IHT plan to suit your needs, whatever your circumstances.
Please contact us on 01202 802807 to arrange an initial Free review at our Bournemouth or Christchurch office.
Paul is the firm’s managing partner and has extensive experience in relation to Wills, Trusts and Estate Planning services. Contact us on 01202 802 807 to book a free consultation at our Bournemouth or Christchurch office to discuss with a Private Client Service specialist the process and outcome of your matter.