Tax Planning

Once the preserve of the wealthy, Inheritance Tax now affects nearly everyone partly because of rising house prices, partly because of other investments (e.g. ISA’s), but also because the limit on which no tax is paid, the Nil Rate Band, has not risen as fast and is currently frozen at £325,000 per person. Above this level everything you own on death is taxable at 40% (unless passed to a spouse).

With careful planning it is perfectly possible to arrange your affairs such that everything you own passes to those you wish to receive it and nothing going to the Tax Man. We lead increasingly complex lives with second, third and even fourth marriages resulting in a maze of family ties and potential conflicts following death. Expert help is needed to ensure your wishes are realised upon death. Large amounts of Inheritance tax are collected each year from people who do nothing about it!

Although married couples and those in Civil Partnerships can pass assets to each other tax free on death, therefore deferring any tax liability until second death, unmarried couples have no such exemption, and the death of one partner can often leave the other with an Inheritance Tax bill.

Our service is holistic – in other words no single aspect of your finances can be dealt with in isolation, whether it be protecting the family or your business, retirement or estate planning, they are all inextricably linked, and have to be handled with any consequences in other areas considered. Here at Will Trust & Protect our experts can guide you through this maze and ensure you live the life you want, and leave your life’s hard work to the right people.