Inheritance Tax Planning
With average bills running into thousands of pounds, you could be storing up huge headaches for your loved ones if you don’t address inheritance tax. Traditionally, it’s considered a problem that only affects the richest in society. But in reality, it’s a growing issue for middle class families.
Don’t assume you won’t be affected. Find out now so you can make plans to address any liability.
Things you need to know
- If your estate is above your nil rate band, inheritance tax will be applied to everything you own above it.
- Your nil rate band is currently £325,000 if you’re single or divorced or £650,000 if you’re married or have been previously widowed (2018/19 tax year).
- As well as this, you have a residence nil rate band which began to be gradually introduced from April 2017, and will reach £175,000 per person by the 2020/21 tax year.
- Your estate is made up of everything you own, less any liabilities and we can help you estimate how much yours is worth.
- There are many ways you can make plans towards addressing your inheritance tax liability
What do I need to consider?
Read Mr Ridehalgh's story
Mr Ridehalgh had always handled his own investments. But upon retiring, he decided to seek financial advice through Skipton Building Society – who continue to give him additional support and peace of mind over his finances.