Inheritance Tax Planning

It's more and more likely that you will need to consider inheritance tax in your financial plans. Although it used to affect only the very wealthy, a general rise in house prices over the past decade means that more people have fallen into the inheritance tax bracket.

Inheritance tax is payable if the value of your estate exceeds £325,000 (in the tax year 2014/15). Tax on any part of your estate above this threshold may be charged at 40%. However, there are various exemptions and reliefs available, and it is sometimes possible to use the nil rate band of a spouse or civil partner who dies earlier.

Your estate includes everything you own, less any outstanding debts, when you die. Even if you give away some of your assets during your lifetime, such as property or money, they may still be included in your estate if they are given away within 7 years of your death.

There are ways that you can reduce the potential inheritance tax bill, or even eliminate it altogether. Please note that tax rules can change in the future.

Make an appointment today

Industry qualified Legal & General financial consultants are based in our branches and can discuss your financial services requirements, and potential solutions to most financial problems.

To find out how Legal & General can help you, visit your local branch or call us on 0345 744 6622.

Not all forms of Inheritance Tax Planning are regulated by the Financial Conduct Authority.

Chelsea Building Society chooses to introduce its customers to Legal & General for the purposes of advising on and arranging life assurance and investment products bearing Legal & General's name.