£4.6 billion was paid in Inheritance Tax revenues last year, and by 2020 one in 10 estates could be charged Inheritance Tax. Inheritance Tax is charged on your estate when you die, at a flat rate of 40%. With the current threshold sitting at £325,000 a great many people find that just the value of their main family home can bring them into the Inheritance Tax net.
There are some simple options which can be weaved into your financial planning to help reduce the amount of Inheritance Tax on your estate.
In our new video Jeremy Woodley explains what Inheritance Tax is and explores how to plan for it. To watch the video click here. The Fry Group has also written a Guide to Inheritance Tax which can be downloaded here.