Inheritance Tax Planning

What is inheritance tax?

Inheritance Tax is a tax on the estate (the property, money and possessions) of someone who’s died.

There’s normally no Inheritance Tax to pay if either:

  • 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

If the estate’s value is below the threshold you’ll still need to report it to HMRC.

If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.

If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million.

Inheritance Tax rates

The standard Inheritance Tax rate is 40%. It’s only charged on the part of your estate that’s above the threshold.

Example Your estate is worth £500,000 and your tax-free threshold is £325,000. The Inheritance Tax charged will be 40% of £175,000 (£500,000 minus £325,000).

Why do I need appropriate tax planning?

With the use of a valid Will and appropriate trusts, you will be able to ensure that the correct amount of inheritance tax is paid and not over paid.

Tortor potenti lacinia suspendisse ac.

Lorem ipsum dolor sit amet, consectetur adipiscing elit. In pretium, egestas at sed. Habitant tellus, tristique velit nibh eget. Orci quam nunc, neque accumsan. Velit, consequat a tellus nunc tincidunt faucibus donec. Enim risus, convallis nec viverra aliquam sed vulputate volutpat et. Integer vitae.

Here’s the legal bit..

Please note that the information on this website is referenced from and accredited to the UK Government website and may change in accordance to updates of relevant laws and acts associated with the topics included.

The information provided on this website is only to be used as reference and an example.

We do our best to provide correct and up to date information and advice to our valued client and visitors however it is your sole responsibility to confirm these details with the relevant parties and do your own research prior to any engagement.

Get in Touch

For the best in first-time buyer mortgages across Greater Manchester and beyond, contact Best Financial today. Call us on 0161 850 6333 for a free consultation with one of our advisors.

Service Required

Exciting News

We are thrilled to share some exciting news with you!

Best Financial Services is in the process of a merger and acquisition, which will lead to a transformation and rebranding of our company. We are proud to introduce our new identity:

CJ Money

This significant development marks a pivotal moment in our journey, as we aim to provide you with even more comprehensive and innovative financial services. While change can be daunting, we want to assure you that our commitment to your financial well-being remains unwavering.

Here’s what you can expect from CJ Money:

1. Enhanced Services: Our merger will allow us to expand and improve our services, offering you a broader range of financial solutions tailored to your needs.

2. Cutting-Edge Technology: CJ Money will leverage the latest technology to streamline processes, enhance security, and make managing your finances easier and more convenient.

3. Expertise and Experience: Rest assured, our team of dedicated professionals will continue to provide the same level of expertise and personalized attention you have come to rely on.

Our Website Is Still Available: During this exciting transition, our website will remain accessible, allowing you to continue using our online services without interruption. Feel free to explore the website to learn more about CJ Money and stay updated on our progress.

Please note that during this transition period, there may be some updates to our website, mobile app, and other services. We kindly ask for your patience and understanding as we work diligently to ensure a seamless transition.

We are grateful for your trust and loyalty as our valued customers. We look forward to serving you under our new identity, CJ Money. If you have any questions or concerns, please feel free to reach out to our customer support team at Tim@cheethamjackson.com

Thank you for being a part of our journey, and we can’t wait to continue growing with you.

Warm regards,

The CJ Money Team