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Estate Planning, Orpington, Bromley, Sevenoaks and South East.

INHERITANCE TAX
PLANNING

Have you maximised the amount of your hard-earned cash you pass on to your heirs?

Inheritance tax is payable when someone transfers ownership of their assets, usually on death. Each individual is entitled to a nil-rate band of £325,000, under which no inheritance tax is payable. Traditionally, few estates exceeded this nil-rate band.

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However, the house price boom of recent years has pushed more people into the IHT net. Alongside ISAs, death-in-service benefit, foreign homes or less obvious assets such as paintings or cars, this has boosted the value of an average estate.

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The tax rate for all assets over the nil-rate band is 40% so it is possible to build up a large bill quickly. Also, inheritance tax becomes payable relatively soon: it is due six months after the end of the month of death.

 

This does not give the administrators much time to sell a house or liquidate other assets if that is necessary. With that in mind, if you unexpectedly find your estate now exceeds the taxman’s limits, what can you do?

 

Although the Government made fundamental changes regarding IHT in the 2006 Budget, there are a number of exemptions allowances available for you.  Where possible, you should aim to maximise use of these exemptions and allowances if you wish to pass on as much of your hard-earned cash to your heirs as possible.

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The Financial Conduct Authority does not regulate estate planning.

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Culverhouse & Co. is the trading name of Culverhouse & Co Ltd and Culverhouse Financial Planning Ltd.

 

Culverhouse & Co Ltd Company No: 6426365

Culverhouse Financial Planning Ltd Company No: 8470047

Registered Offices: 7 High Street, Farnborough Village, Kent, BR6 7BQ

Email: info@culverhouse-accountants.co.uk

VAT Number GB166078392

 

Culverhouse & Co Ltd is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales.

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Details about our audit registration can be viewed at www.auditregister.org.uk under reference number C001690279.

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Culverhouse Financial Planning Ltd is Authorised and Regulated by the Financial Conduct Authority for Financial Services. FCA Registration Number: 600931

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The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk.

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The guidance and/or advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK.

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Content within this website does not represents financial advice. If you would like personalised financial advice please contact a financial adviser. 
Taxation is based on current legislation which is subject to change and will also depend on the individual circumstances of each investor. The value of your investments can fall as well as rise and investors may not get back the full amount they initially invested.  Past performance is not a guide to future performance. 

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© 2018 by Culverhouse & Co

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