Blaser Mills

Tax Planning

When you die, you can leave some of your Estate, including gifts made within the previous seven years, completely free of Inheritance Tax – this is known as the Nil Rate Band and currently stands at £325,000. The balance is subject to Inheritance Tax at a flat rate of 40%.

Married couples can transfer their Nil Rate Band allowance to a surviving spouse so that on the second death, the allowance is doubled to £650,000.

If you are an unmarried couple, the Nil Rate Band allowance will be lost on the death of the first partner. It is possible, however, to avoid this via your Will using a discretionary trust to benefit the surviving partner, your children or grandchildren.

For further information, help or advice, please fill in our contact form or call us on 0845 604 2847