Martha Tomlinson’s Post

Inheritance tax shock for wealthy families; Inheritance tax is regularly regarded as the “most unfair” tax in the #UK and there had been reports the government had been considering scrapping inheritance tax or reducing its rate, however these failed to materialise in last week’s #Budget. Individuals are allowed to make gifts of unlimited value free of inheritance tax if the person survives a further seven years I.e “potentially #exempt transfers” (PETs). #Inheritancetax is charged at a rate of 40 per cent on the value of an individual’s gift above £325,000, if they die within three years, 32% after three years , 24% between four to five years, 16% between five and six years before death and falls to 8 per cent for those who die within six to seven years after the #gift. Estates of surviving #spouses and #civilpartners can pass on up to £1mn without an inheritance tax liability. #rafqathussainca #taxplanning #wealth #wealthmanagement

Until recently, inheritance tax was traditionally seen as something only the truly wealthy were affected by. However, over the last few years, property prices have surged, and consequently, more and more families now have to deal with the often complicated world of inheritance tax. It’s important to know how much IHT you’ll be responsible for and the best strategies to reduce your burden. Read on to learn more. https://buff.ly/4ec2w0j

Inheritance tax receipts surged to a record £7.5 billion in the year to March 2024, with a £400 million annual increase, driven by rising house prices and frozen thresholds. Only a small percentage of estates currently pay inheritance tax, but projections suggest a rise in the future. A survey revealed that many wealthy individuals advocate for reducing the tax rate. However, there are existing options to manage wealth transfer efficiently, such as gifting allowances and lifetime giving. Common mistakes include not understanding one's inheritance tax position, lacking a will, and misunderstanding gifting rules. Professional advice is crucial to navigate this complex area of tax planning effectively. https://zurl.co/oLL3

Inheritance Tax EXPLAINED 🧠 🤓 Don’t get caught out unnecessarily. Inheritance Tax (Death Duty 💀) can be reduced or even avoided entirely with some forward planning. Understand the rules and do something about it if you or your parents are likely to exceed the thresholds 😯 Feel free to message me if you have any inheritance tax questions❓ Freddie ⭐ Chartered Financial Planner ⭐ 👉🏼Follow me for more at Freddie Winter 💻 Find out more about what I do at gratitudefp.co.uk ——————— My posts and social media content are for education and guidance only. ——————— #FinancialPlanning #financialadvice #financialadviser #inheritance #inheritancetax

As the government hints at changes to Inheritance Tax (IHT) and Capital Gains Tax (CGT), it's more important than ever to reassess our financial futures. These potential adjustments could significantly impact how we pass on wealth to the next generation. 📈 Inheritance Tax: Current IHT rates and thresholds could be altered, potentially reducing the amount that can be passed on tax-free. The possibility of a reduced nil-rate band or changes in exemptions means that without proper planning, more of your estate could be subject to hefty taxes. 📉 Capital Gains Tax: CGT rates might also see an increase, or the annual exemption could be reduced. For those planning to sell assets, this could mean a larger tax bill, cutting into the proceeds you intend to leave for your loved ones. 🔴 Estate Planning Is Crucial: Now is the time to take proactive steps in estate planning. From creating trusts to gifting assets during your lifetime, there are various strategies to minimize tax liabilities and ensure your wealth is passed on according to your wishes. 🔍 Get Professional Advice: Don't navigate these potential changes alone. Consult with a financial advisor or estate planning expert who can help you understand the nuances of the law and tailor a plan that's best for your unique situation. 📢 Stay informed, stay prepared, and secure your legacy. Let's ensure our hard-earned wealth benefits our loved ones and the causes we care about, not just the taxman. 🔴Find out how to reduce your risk and get in touch https://bit.ly/3RgNWMc 🔴 #EstatePlanning #InheritanceTax #CapitalGainsTax #FinancialPlanning 🔴

Providing strategic advice on mitigating inheritance tax is integral to our business. Assessing your inheritance tax situation becomes especially crucial as you approach the final years of your career. A significant portion of your wealth could be subject to Inheritance Tax (IHT) upon your passing. This includes assets such as your family home, investments, life assurance plans not in Trust, and even cherished family heirlooms. UK Inheritance Tax is often misunderstood and complex and without proper planning, your loved ones could face up to 40% tax on their inheritance. Feel free to reach out to me for further details and information. #InheritanceTax #EstatePlanning #FinancialAdvice #TaxPlanning #WealthManagement

Save money on Inheritance Tax.💷 Call now 👉 01524 401010 Understanding Inheritance Tax (IHT) is important when you are planning to make a Will.✅ We regularly assist clients in determining whether IHT is likely to be payable once they have passed away and, if so, whether there are any steps that they can take to reduce or limit the level of tax payable. Due to ever-increasing property values, more and more people are now finding that their estate has gone above the Inheritance Tax limit, known as ‘the nil rate band’. Simple steps taken during your lifetime or writing the terms of your Will in a specific way can help limit the impact upon your estate.👍 Get in touch today to find out more.😊 - - - #BBPLegal #BBPSolicitors #IHTPlanning #InheritanceTax #MoneySavingTips #Family #EstatePlanning #WillWriting #Wills #LegalAdvice

Save money on Inheritance Tax.💷 Call now 👉 01524 401010 Understanding Inheritance Tax (IHT) is important when you are planning to make a Will.✅ We regularly assist clients in determining whether IHT is likely to be payable once they have passed away and, if so, whether there are any steps that they can take to reduce or limit the level of tax payable. Due to ever-increasing property values, more and more people are now finding that their estate has gone above the Inheritance Tax limit, known as ‘the nil rate band’. Simple steps taken during your lifetime or writing the terms of your Will in a specific way can help limit the impact upon your estate.👍 Get in touch today to find out more.😊 - - - #BBPLegal #BBPSolicitors #IHTPlanning #InheritanceTax #MoneySavingTips #Family #EstatePlanning #WillWriting #Wills #LegalAdvice

Inheritance tax can be a hard topic to address - talking taxes while in the middle of grieving a loss, or even in the process of drafting a will, is often the last thing anyone wants to do. It's crucial to take time to take care of yourself and your loved ones during these times, and, if necessary, partner with a CPA who can take on the more practical financial tasks so you can focus on what's most important. A CPA can help navigate the complex and intimidating topic of inheritance tax, answering questions like: - How does inheritance tax differ from estate tax? - How is inheritance tax calculated? - Is there inheritance tax in North Carolina? - What other tax considerations might need to be taken? For the answer to these questions and more, click the link below - and get in touch with us today to find your financial partner. https://lnkd.in/eY4MqtZH #inheritancetax #taxoninheritance

Inheritance tax (IHT) is a critical aspect of estate planning in the UK. It can significantly impact the wealth passed on to your loved ones if not managed effectively. Proper inheritance tax planning ensures that your estate is distributed in line with your wishes and minimises the tax burden on your beneficiaries. Inheritance tax is currently charged at 40% on the value of an estate above the tax-free allowance, known as the 'nil-rate band' (currently £325,000). For many families, especially those owning property, inheritance tax can be a costly surprise. However, with proactive planning, you can reduce or even eliminate the amount of tax due. Contact me for more information as there could be changes in the forthcoming budget next month. #InheritanceTaxPlanning #IHT #NilRateBand #WealthPreservation