St Martin's House, 63 West Stockwell St. Colchester, CO1 1HE
Tel: 01206 577676, Fax: 01206 548704

The Chestnuts, 4 Stortford Road, Great Dunmow, Essex, CM6 1DA
Tel: 01371 873277, Fax: 01371 859232

Main Website: www.goodyburrett.co.uk
Monday to Friday 9am - 5pm    Saturday 9am - 1pm

With the increase in house prices it is ever more likely that a person’s estate may be liable to inheritance tax on their death. Each person currently has a nil rate band of £325,000 before he is subject to inheritance tax and the UK government has announced that this threshold is frozen until 2019. Anything in excess of that amount will be subject to inheritance tax on their death at 40%, subject to certain exemptions and reliefs. Whilst married couples and civil partners still enjoy the transferable nil rate band which may double their allowance before tax, individuals who have not married do not enjoy the benefit of the transferable nil rate band.

It is possible to make lifetime gifts of money to reduce the size of your estate. If you survive for a period of 7 years after making the gift it will not be called back into your estate for inheritance tax purposes. There is no guarantee in life that any of us will survive the next 7 years, but it is possible to make small gifts of money during your lifetime which are immediately exempt from inheritance tax.

We can review your circumstances with you and help you plan your affairs to reduce the impact of inheritance tax on your estate.

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