We work hard throughout our lives and pay our taxes. When we die, our beneficiaries have to pay 40% inheritance tax, over and above the nil rate band.
Nil rate bands:
- Single person: £325,000†
- Married couples and civil partners: £650,000†
With careful planning, there are various ways to reduce your inheritance tax liability, or even mitigate it entirely.
MLP Wealth uses different strategies to plan in this area, for example:
- Investments that mitigate IHT
- Self Funding Packages
† Please note there have been recent changes to legislation which will allow you to pass on more via your main residence from 2017