Inheritance Tax

Once known as the rich man's tax, this however is no longer the case with approximately 3.4 million ordinary households who would fall into the current Inheritance tax trap!

All you need is a total estate value £300k 2008 rising too £312k in 2008/9 and then to £325k in 2009/10, this allowance is per person, spouse or Civil Partner and in the last budget it as been proposed that each ‘spouse/Civil partner’ will be able to ‘transfer’ their individual allowance after first death (providing no lifetime transfers occurred 7 years prior to first death and there was NO distribution of the nil rate band on death) to the remaining spouse on their death, meaning that two times the individual nil rate band could be used together on second death to create a value currently of say £600k which could be used to reduce and estates potential inheritance tax bill.

But the transfer is by way of application and is not automatic, in as much that upon the second spouse/civil partner’s death their executers/trustees will need to apply to the Inland Revenue by using form IHT216 Transfer of nil rate band.

BTWC Ltd can help you with this procedure and ensure that your beneficiaries do have the opportunity to use both of your nil rate band allowances to reduce any potential inheritance tax liability that there maybe at that time by planning NOW, because the taxman gets his share ahead of your beneficiaries  - and YOUR family!

BTWC Ltd helps you plan to minimize your potential inheritance tax liability within your Will, providing flexibility for your chosen Executers/Trustees to manage your affairs for the best possible outcome for your beneficiaries, so ensuring that your loved ones receive as much as possible and the taxman gets as little as possible .

For more information and a FREE, No Obligation consultation, just go straight to the contact page or call us NOW on 01522 500823 - DON'T PUT IT OFF ANY LONGER! or complete our enquiry form