The recent revival in house prices has seen predictions of price rises of 25% by 2018. Similarly, the stock market is predicted to reach an all time high next year. This is partly down to economic recovery beginning and the effects of government policies such as quantitative easing and keeping interest rates low.
The Inheritance tax threshold however is frozen at £325,000 each per person (husbands and wives) until 2019. Above this level, after inter spouse transfer, 40% tax is liable on the value of the remaining estate and paid to the tax man. Government tax takings using Inheritance tax was up 7% last year, 30% up on the previous year to that.
The GreenStones team has recently been joined by Loveth Watson, CTA, with great experience of inheritance tax planning options. If you want to plan for the future then the time is now, or it may be too late. It is possible with careful planning to meet your objectives, mitigate inheritance tax and safe guard your hard earned wealth for your family’s future.
If you have any questions or would like a GreenStones Inheritance Tax planning review please contact Mark Wrigley, FCCA on 01733 372683 or email mark@greenstones.co.uk