Inheritance Tax Planning In Coventry & Warwickshire
Inheritance Tax Planning
Currently the individual inheritance tax (IHT) allowance is £325,000.
There is no inheritance tax payable between married couples or civil partners. Therefore a maximum allowance of £650,000 (£325,000 x2) can be achieved on second passing. This does not apply to divorcees or unmarried couples.
The residence nil rate band (RNRB) is an additional nil rate band that is available for inheritance tax purposes when a main residence is left to a direct descendant, such as a child or grandchild. Adopted children, stepchildren, children fostered at any time by the deceased and a child for whom the deceased was appointed a guardian or special guardian when the child was under 18 all count equally as direct descendants. The current value of the RNRB is £175,000 for properties worth up to £2m.
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Belvedere Wills & Estate Planning can offer a comprehensive review of your Inheritance Tax Planning with easy to understand, expert guidance.
For more information on our full Inheritance Tax Planning consultation please contact us.