Even those who believe they have moderate wealth levels may still need to take action to minimise Inheritance Tax (IHT). Particularly, if they own property and have savings and investments.
Inheritance Tax is payable in the UK on death, and sometimes when you give away certain assets during your lifetime. It can be a great concern for individuals with wealth exceeding the current £325,000 nil-rate band (2021/22 tax year). Naturally, you’ll want to pass on as much as possible to your loved ones, rather than paying 40% to HM Revenue & Customs (HMRC). Are you worried your family could be left with an Inheritance Tax bill after you’re gone?