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HOW TO BEAT THE TAXMAN AND LOOK AFTER YOUR KIDS!
A new and positive development in reducing the Inheritance Tax burden for you and your family is being introduced from April 2017.
What is the benefit?
The Residence Nil Rate Band will allow less Inheritance Tax to be paid on the family home when it is left to children, grandchildren and some other individuals. It will sit alongside the existing Nil Rate Band (currently £325,000) to allow an additional allowance to be claimed against the property thus reducing the Inheritance Tax due on your estate.
How will I benefit?
By structuring your affairs to take advantage of the new rules there is the potential to save up to £140,000 in Inheritance Tax, which can pass to your children instead of being paid in tax.
So what should I do now?
If you want to take advantage (and why wouldn’t you) of the new rules then make an appointment to come and see us. The conditions for claiming the Residence Nil Rate Band are complicated and we will ensure that you are given tailored advice so that you and your family are able to benefit from the enhanced allowance as far as possible.
We recognise that making a will is not an activity that you look forward to. We aim to make the process easy to understand and as stress free as it can be. You don’t even need to take time out of the office to come and see us. We are able to come to you in the evening and discuss everything fully in the privacy of your own home. In our experience, ensuring that your affairs are in order brings the peace of mind that your family will be protected and that your estate will pass in accordance with your wishes, in a tax efficient way.