Reduce your potential inheritance tax liability- Amaka Jackson Solicitor
At Jackson Longe Solicitors, we continually strive to offer you first class legal service and it is in this spirit that we write to you.
The government has introduced an additional Inheritance Tax allowance for people who own a house. You may be aware that the current IHT threshold (known as the nil rate band (NRB)) is £325,000 and this is the amount available to each individual on death after which tax is levied against your estate at 40%.
You will be pleased to learn that from April 2017 the government will be introducing an additional tax free allowance called the ‘Family Home Allowance”. The allowance will be in addition to the current Nil rate band thereby increasing the total IHT allowance to £500,000. It is however conditional on your main residence being passed onto your family members such as your children and grandchildren.
To put it simply, this means that in addition to the current NRB of £325,000, you could also save an additional £175,000 per person if you plan your estate well. For example, married couples’ joint estate will not be liable to IHT until the £1,000,000 threshold!!!
Our Free Review Offer
We hereby write to invite you to take advantage of our offer to review your last Will and Testament for free. We will give your free practical advice on up to date Inheritance Tax implications and how to plan your gifts in the Will so as to maximise the options available to you as an individual/family to reduce tax payable or, where possible, remove your tax liability altogether.
In this climate of heightened financial uncertainty, it has never been more important to look at your existing Will in order to counter potential tax triggers which may adversely affect your beneficiaries and loved ones or whether it even reflects your present wishes.
If upon review you wish to amend your Will, we will be happy to assist you for a discounted fee of 15%