Inheritance Tax Planning
Many people believe that their estate will not attract Inheritance Tax. But, Inheritance Tax is not just an issue for the rich and you should be aware that:
- The Inheritance Tax threshold is £325,000 per individual (tax year 2011/2012). Anything over the threshold may still be taxed at 40%.
- Whilst married and civil partner couples will be able to consider transferring their Inheritance Tax threshold under the new rules, provided certain conditions are met, you may still be liable for tax in the future if your joint assets grow in value over time.
- If you are widowed, divorced, re-married, your civil partner has died or your civil partnership dissolved, it can be more complicated to understand if you're still affected.
- Regardless of your liability for tax, it is not a straightforward process for those inheriting your estate to benefit from the £325,000 individual threshold.
We can give you advice on how to reduce Inheritance Tax (IHT) liability so that it’s your heirs who benefit from your estate not the taxman. In fact a number of members have already attended one of our seminars on ‘Creating and Conserving Wealth’ and found it both informative and helpful in making plans for the future.
Talk to us today to see how we can help.
Teachers Building Society has teamed up with Legal & General, one of the country’s leading financial services companies, to offer you a confidential financial planning service* (through our subsidiary company TBS Financial Services Ltd) that’s tailored to suit your individual needs and circumstances. Whether you want to review your existing portfolio, maximise income in the future, make the most of your tax allowances or need pension advice, we can help.
*TBS Financial Services Limited is a wholly owned subsidiary of Teachers Building Society and is an Introducer Appointed Representative of the Society for mortgages. TBS Financial Services Limited is an appointed representative of the following companies, which are authorised and regulated by the Financial Services Authority for advising on and arranging the products shown: Legal & General (Portfolio Management Services) Limited (life assurance, pensions and investments) and Legal & General Partnership Services Limited (insurance).
The Legal & General Group, established in 1836, is one of the UK’s leading financial services companies. Over 6.5 million people rely on them for life assurance, pensions, investments and general insurance plans. The Legal & General Group is responsible for investing £280 billion worldwide (as at 31 December 2008) on behalf of investors, policyholders and shareholders.
Legal & General is one of the biggest providers of index-tracking investments in the UK, managing £175 billion as at 31 December 2008.
Legal & General Insurance Limited, One Coleman Street, London EC2R 5AA
Registered in England No 00423930