Protecting Your Wealth After Death
Lots of local people now find they are caught by inheritance tax when they die. Although there are exemptions where assets are left to a husband or wife, this does not apply to unmarried partners or those leaving their money or house to their children. For 2003/2004 IHT is levied at 40% on that part of an estate which is over £255,000. You are either caught or you are not.
John Kirkhope, head of our Wills, Trust and Probate Department, says “As the tax year draws to a close now is a good time to look at all aspects of tax planning particularly so you can use up any unused tax reliefs before 5th April 2004. One area to keep under active consideration is planning to preserve as much of your assets for your relatives or heirs after you die. We can advise you on methods of doing this and also recent and proposed changes. The Government is looking at methods of lawfully avoiding paying inheritance tax, such as giving property to children whilst you are still alive and some of the trusts which have ben set up to help reduce tax lawfully may be affected. Contact us for further information on this aspect.
We can also advise you, from a tax point of view, when may be a good time to sell your family business and retire and help you to make a will if you have not already done so.”
For further information contact John Kirkhope on 0117 9290451 or e-mail jkirkhope@metcalfes.co.uk
This press release summarises the law on issues which we believe may be of interest to you. It is not a comprehensive review of the subjects and accordingly is published without responsibility for loss occasioned to any person(s) acting or refraining from action as a result of information published