It is often seen as a voluntary tax because if steps are taken, there are many legal ways to avoid it. The consequences of doing nothing may mean that your loved ones pay tax on money you have already paid tax on.
From the estate value you can deduct certain allowance such as the NIL rate band. Despite deductions like this more people are now facing inheritance tax bills, due largely to increases in property prices. We can guide you through this complex area and help you plan. This could include ascertaining the value of your estate and the likely bill and then review options, from life cover to enable the bill to be paid, to strategies to reduce your bill such as gifting, trusts and inheritance tax efficient investments.
Disclaimer: Trusts, some forms of estate planning/inheritance tax solutions are not regulated by the Financial Conduct Authority. All statements concerning the tax treatment of products and their benefits are based upon our understanding of current tax law and HMRC practices both of which are subject to change in the future. Levels and bases of reliefs from taxation are also subject to change and are dependent on your individual circumstances.