| VS&H has for a number of years advised a variety of
clients on tax planning to mitigate or avoid the payment of Inheritance Tax. The
advice need not be limited to those people who are worth a fortune, as with
house prices at the level they are, a large number of people who may not regard
themselves as wealthy, could find that Inheritance Tax is payable on their
death.
If the joint assets of husband and wife together exceed £275,000, (for tax
year 2005/06) there could be Inheritance Tax to pay on the death of the
survivor. At a rate of 40% of everything in excess of £275,000, this could make
quite a dent in a family’s inheritance.
There are a variety of ways to reduce the potential tax liability, some of
which are no more complicated than ensuring that the annual exemption of £3,000
is used up each year. Others involve more complex advice, and our solicitors are
qualified to listen to your needs and then give accurate and complete advice, so
that you are aware of the opportunities for tax planning and of the advantages
and disadvantages of any of the routes you should choose to follow.
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