Prestons are members of The Institute of Chartered Accountants
Although death is, in itself, not something we generally wish to talk about clearly a lack of estate planning can have disastrous consequences in terms of the taxman and for those we leave behind.
With the marked increases in property values and the fact that the inheritance tax (IHT) threshold has not kept pace therewith many more people will now be within the IHT threshold. This means that above the nil rate band the value of an individual’s estate is charged at 40% on death.
We are able to advise on reducing your potential tax liability in a number of ways: