At present when a person dies they can only leave so much to their family (excluding a spouse) without the gift being taxed at 40%. The amount that can be left free of Tax is known as the 'Nil Rate Band'.
This tax free allowance is increased every year but with many people's homes now being worth more than this limit it means that more and more ordinary people are being caught by this Tax.
There are, however, a number of ways this limit can be increased.
For example, married couples can easily double this threshold by ensuring their Wills include Discretionary Trusts.
For a modest outlay now a good quality Will could save your family over £100,000 in tax as well as give your family flexibility and peace of mind.
For further information on our Inheritance Tax Mitigation services please contact us or telephone on 01376 529800.
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