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INHERITANCE TAX

Navigating the Terrain of Inheritance Tax.

At Viva Planning, we understand the complexities surrounding Inheritance Tax (IHT) and its potential impact on your estate. With two out of three Britons still lacking a comprehensive estate plan, our mission is to guide you through the intricacies of IHT, ensuring the preservation of your legacy and financial well-being for your loved ones.

Understanding Inheritance Tax

In the United Kingdom, Inheritance Tax is levied on the estate of an individual who has passed away. The tax is calculated on the value of the estate above a certain threshold. As of the latest regulations:

  • The standard Inheritance Tax threshold, also known as the nil-rate band, is £325,000.
  • Any amount above this threshold is taxed at a rate of 40%.

The Importance of Estate Planning

Without proper estate planning, your loved ones may find themselves facing a substantial Inheritance Tax bill. However, with strategic estate planning, you can potentially increase the tax threshold and save your family thousands of pounds.

By making use of exemptions, reliefs, and gifting strategies, you can effectively increase the Inheritance Tax threshold, reducing the overall tax burden on your estate. Professional advice and meticulous estate planning can make a significant difference, allowing you to allocate more of your assets to your chosen beneficiaries.

How Viva Planning Can Help

At Viva Planning, we specialize in comprehensive estate planning, including strategies to minimize the impact of Inheritance Tax. Our experienced consultants are ready to guide you through the intricacies of estate planning, ensuring that your loved ones receive the maximum benefit from your legacy.

Cease burdening your loved ones with unnecessary tax liabilities. Contact Viva Planning today to secure the future financial well-being of your family.

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