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Leave a Thoughtful Legacy – Need Help with Inheritance Tax?

inheritance tax information C Mearns finance investment advice
With Carley Mearns-Begley

There are few more confusing taxes than  Inheritance Tax (IHT). If you’re unsure of the details, or you’d like more of your inheritance to go to your family and less to the taxman or on care fees, we can help.

Leaving loved ones to incur up to a 40% reduction due to tax on their inheritance is a hard ask. Yet despite many children being   ill-equipped to grapple with IHT, more and more families are having to deal with it.

In better news for your family, there’s been a staged increase in the residence nil-rate band threshold, which is now set at £175,000 for those who qualify when passing their main residence to direct lineal dependents.

What Could Your Family Liability Be?

So what exactly could your family be liable for? We’ve already discussed the residence nil-rate band threshold of £175,000. Then you can factor in that the first £325,000 of your estate is likely to be exempt from IHT. This means that, subject to various conditions, if you’re married or in a civil partnership, you could have a tax-free estate worth £1,000,000. 

Yet the simple fact is that IHT could be considered a voluntary tax. The Treasury relies on our inertia and reluctance to confront the issues of death and inheritance. 

Help is Here!

There are many perfectly legitimate ways to mitigate IHT through foresight and careful financial planning. You don’t need high-powered tax planning, just a willingness to discuss the issue, act and make use of the many options available. These include establishing trusts and making use of annual exemptions such as gifting.

For more help with Inheritance Tax, Get in touch

Inheritance tax information CMearns Finance

If you’re after a little help to guide you through the IHT maze, give us a call. We’re here to make a difference to your family’s future.

C. Mearns Finance
07504 503983

The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and the value may fall as well as rise. You might get back less than you invested. The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances. 

‘C Mearns Finance is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.’

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