Emulous Accounting works in conjunction with a leading firm of lawyers & estate planning specialists to provide a complete estate planning service.
The service in conjunction with our partner lawyers covers the legal, tax as well as the accounting aspects involved in estate planning under one roof. Due to this
Why is Inheritance tax important?
In the event of your death, your beneficiaries could pay inheritance tax at 40% on the value of your death estate over and above £325,000. If the assets in your estate are worth £600,000 that could mean a tax bill of £110,000. For an estate of
Are there any reliefs or exemptions?
Nil rate band
Every individual whether UK resident or not is entitled to a nil rate tax band of £325,000. If
Spouse nil rate band
Residential nil rate band
The residential nil rate band was introduced from April 2017. The amount of residential nil rate band will increase every year to April 2021 where it will reach £175,000 per a person. Certain conditions need to be satisfied to obtain the relief such as the house must have been the taxpayers main home at some point and the house must go to a lineal descendant such a child or grandchild.
Marriage exemption allows individuals to make gifts to people on
For more detailed information and to arrange a free consultation, please contact us.