Gould & Swayne Solicitors of Street, Glastonbury and Burnham-on-Sea, Somerset, UK. Wealth Preservation - probate, trusts, wills and inheritance tax planning
Wills and Tax Planning
Our team has a wealth of expertise in the area of Wills, from their creation to obtaining probate and setting up trusts.
Inheritance Tax Changes
It was a good day for married couples and civil partners on the 9th October 2007. Many of them found that the burden of Inheritance Tax (”IHT”) which had been looming over them through the increase in house prices over the years had been lifted.
Under the new rules, on the death of the first spouse or civil partner the value of the assets passing to the surviving spouse or civil partner will be exempt from IHT. On the subsequent death of the surviving spouse or civil partner the first spouse or civil partner’s unused Nil Rate Band (”NRB”) can be added to the second spouse or civil partner’s own NRB.
The current NRB is £325,000 which at the 2010 Budget was frozen for 4 years. IHT will then be payable on the value of assets above the NRB (plus any potential NRB transferred from the first spouse or civil partner) at the current rate of 40%.
The change has come as a welcome benefit to a great number of families.
In addition, if any assets are of a business nature, for instance business shares or interest or shares in a private company, or of an agricultural nature such as farms, fields, or woodland, then these assets may get relief from Inheritance Tax. The level of relief will be dependant upon the type of asset.
We can arrange an appointment for you at any of our offices or, if you are unable to attend the office, home or hospital visits can be arranged.
We have written a number of questions and answers on Wills and Tax Planning which you may be interested in reading. Do please also use our enquiry form to ask us any specific questions you may have and we will get back to you as soon as possible.