The Government recently announced proposed changes to the Inheritance Tax rules which means that many people now believe that their estate will not attract Inheritance Tax. However, Inheritance Tax is still an issue and you need to be aware that:
The Inheritance Tax threshold has not changed. It is still £325,000 per individual (tax year 2009/2010). Anything over the threshold may still be taxed at 40%.
Whilst married and civil partner couples will be able to consider transferring their Inheritance Tax threshold under the new rules, provided certain conditions are met, you may still be liable for tax in the future if your joint assets grow in value over time.
Regardless of your liability for tax, it is not a straightforward process for those inheriting your estate to benefit from the £325,000 individual threshold.
Calculate your potential Inheritance Tax liability
Could you be liable for Inheritance Tax? It's not just the rich that are affected. Use our Inheritance Tax Calculator to give you an indication of how much tax you might be liable for.
Book an appointment with a Legal & General Consultant
Alternatively, you can book an appointment to discuss the facts around Inheritance Tax with a Legal & General Consultant at your local branch.
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