09/07/2024
Lyndhurst Financial Management Ltd
𝗜𝗻𝗵𝗲𝗿𝗶𝘁𝗮𝗻𝗰𝗲 𝗧𝗮𝘅 𝗶𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗻𝗲𝘄𝘀 𝗮𝗴𝗮𝗶𝗻. 𝗕𝘂𝘁 𝘄𝗵𝗮𝘁 𝗶𝘀 𝗶𝘁 𝗮𝗻𝗱 𝗵𝗼𝘄 𝗰𝗼𝘂𝗹𝗱 𝗶𝘁 𝗶𝗺𝗽𝗮𝗰𝘁 𝘆𝗼𝘂 𝗮𝗻𝗱 𝘆𝗼𝘂𝗿 𝗳𝗮𝗺𝗶𝗹𝘆?
Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has passed away. It’s important to understand how it might impact you and your family, and how we can assist you in navigating it.
🔑 Key Points:
𝗡𝗼 𝗜𝗛𝗧 𝘁𝗼 𝗣𝗮𝘆 𝗜𝗳:
◾ The value of your estate is below the £325,000 threshold.
◾ You leave everything above the £325,000 threshold to your spouse, civil partner, a charity, or a community amateur sports club.
𝗦𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗜𝗛𝗧 𝗥𝗮𝘁𝗲:
The rate is 40%, charged only on the part of your estate that exceeds the threshold.
Example: If your estate is worth £500,000 and your tax-free threshold is £325,000, the IHT charged will be 40% of £175,000 (£500,000 minus £325,000).
𝗛𝗼𝘄 𝗰𝗮𝗻 𝘄𝗲 𝗵𝗲𝗹𝗽?
The Lyndhurst Heritage service is designed to help you and your family achieve your financial goals. Clients enjoy the peace of mind of having all their financial affairs looked after in one place, by a dedicated team of professionals. A core part of the service is working in collaboration with other professional advisers, including solicitors and tax advisers. We can also co-ordinate ancillary services through our trusted affiliate partners.
Take a look at our dedicated Lyndhurst Heritage page and discover more: https://lyndhurstfm.co.uk/lyndhurst-heritage/
Lyndhurst Heritage service dedicated help for your financial goals and financial affairs through our team of professionals & trusted affiliate partners.