Inheritance Tax

What's the old saying, "nothing can be certain except death and taxes"? Well, I can't prevent one, but I can certainly help with the other!

 
More and more people are finding themselves in the realms of Inheritance Tax (IHT). A whopping 40% of your taxable estate! As a rule of thumb, (although there are some exceptions), a married couple leaving their home to descendants, has a nil rand band (the bit that's not taxed), of £1million. So if you're close to that or above that already, it's best to speak to a specialist.

There are certain gift allowances, investments and trusts that can be used to reduce your IHT bill, but you need to start planning early - you can't just give away assets on your death bed and expect the government not to tax it. They will go over the value of your estate, plus any recent gifts, with a fine toothed comb.