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Intergenerational Estate and Inheritance Tax planning

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Like many of us, you want to pass on as much of your wealth as possible to your family, rather than into the government coffers, in this case estate planning is essential. The number of families in the UK paying Inheritance Tax has been steadily rising. Rising house prices and asset values mean that people have much more to leave to their children than in the past.

The residence nil rate band, dubbed the “family home allowance” is £175,000 of extra allowance per individual. Extra allowance will not apply if the estate is too large, the house too small, or if the property passes to anyone other than children, stepchildren and grandchildren of the deceased, or their spouses / civil partners. Assets passed via a discretionary trust do not therefore qualify, because assets do not pass directly to direct descendants.

As with many aspects of tax planning, the devil is in the detail and failing to take straightforward steps can cost you significantly. Inheritance tax charged at 40% can take a big chunk out of the value of your estate. Setting up trusts, of which there is a wide range available, or using available exemptions are potential options for Inheritance Tax planning.

Estate planning involves taking into careful consideration your circumstances and objectives, and reviewing all of your assets so that any efficiencies can be implemented.

The in-depth knowledge and experience our financial planners offer across different financial planning areas means that we can help you achieve financial security for yourselves and your loved ones.

If you wish to talk to us more about how we can help you, please contact us.

Levels, bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor.

*The Financial Conduct Authority does not regulate taxation and trust advice

Where a client’s circumstances require specialist advice, and the local office does not hold the necessary permission from the Financial Conduct Authority, we can draw on the wider specialist expertise available within Perspective Financial Group Ltd nationally. Many of our financial planners hold advanced qualifications in specialist areas of advice, as well as having decades of experience in solving almost all financial planning related issues.

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Should you not be satisfied with our response to your complaint, you may be able to refer it to the Financial Ombudsman Service, which can be contacted as follows:

The Financial Ombudsman Service
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Tel: 0800 023 4567 or 0300 123 9123