Inheritance Tax or IHT is something that now has an impact on millions of people in the UK. In the past inheritance tax has often been considered as something only the very wealthy need to be concerned about, however, rising property prices combined with personal savings and other assets now put many people over the current �325,000 inheritance tax threshold.
Inheritance tax rules are different for married couples and it is possible to combine their tax-free allowances, giving a total tax free limit of �650,000 on the second death, however, this alone should not be a reason to avoid taking good inheritance tax planning advice.
The amount of inheritance tax payable is 40% of the estate value on everything over and above the threshold limit. If this hasn't been planned for the family members and beneficiaries may have to deal with a large tax bill. The best course of action is to deal with the issue of IHT before the estate value exceeds the threshold and to have a suitable will drafted by an expert.
Hart Scales & Hodges in Dorking, Surrey have specialist solicitors who can assist with your inheritance tax planning. Hart Scales & Hodges also have particular expertise when it comes to will writing and have helped many people in Dorking and the surrounding area to ensure they are properly protected for the future by having a professional and legally drafted will in place.
For more information and advice about inheritance tax planning and will writing services contact Hart Scales & Hodges on 01306 884432.