Shaws Wills and Trusts

Member: Institute of Professional Will Writers

53 Furze Hill Road
Headley Down
Hampshire
GU35 8HA

tel: 01428 712856

email: susan@shawswills.com

Inheritance Tax

Inheritance tax is levied at 40% on the value of all your property, except the first Nil Rate Band, and some exempt gifts.

• The Nil Rate band (NRB) is £312,000 (from April 2008). It increases by a small amount annually.

• In the case of married couples, on the second death two NRBs are available unless they have been used up by lifetime gifts within 7 years of death.

• Life time gifts are exempt if made more than 7 years before death.

• Some other small gifts and are exempt.

• Your Nil Rate Band can be given to a trust every seven years and the total sum is exempt from Inheritance tax. You must not benefit from this trust. Other tax efficient investments can be used.

Avoid paying unnecessary Inheritance Tax - Contact us now.