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Taking the right action now could help your family in the future.

Inheritance Tax (IHT) is a major part of estate planning, usually when IHT needs to be paid, it’s already too late to do anything about it. 

By taking action in advance to make sure it’s managed correctly could reduce the value of your estate, and in turn, any future IHT bill. 

Newcastle Financial Advisers Ltd can help you plan ahead with this complex matter and leave your loved ones what they deserve.

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on Investments, Pensions, Life and Protection Insurance and Inheritance Tax Planning.

What is Inheritance Tax?

Inheritance Tax is a tax on the assets that belong to you when you die. Assets include the total of everything owned by you and a share of anything owned jointly. Here are the most common assets:

  • Personal property
  • Property/Land
  • Shares
  • Securities
  • Cash
  • Future Inheritances
  • Chattels
  • Life insurance death benefits not in trust
The nil-rate band

Every individual has a nil-rate band, which means you’re allowed a certain amount of assets before IHT becomes payable. For the tax year 2021/2022 the nil-rate band is £325,000 per individual. If your estate is worth more than this your executor may be liable to pay tax at a current rate of 40%.

The government has introduced a main residence nil-rate band, which is up to £175,000 for the 2021/2022 tax year. This can also have the effect of reducing your potential IHT bill further.

Reducing your IHT

There are a range of options that could help reduce the potential IHT tax liability in the future. Investing a little time and effort now means you can rest assured the people you want to leave your possessions and wealth to will not be faced with an unexpected bill to pay on your death.

A few examples of these options are gifting, charitable donations and taking advantage of your annual exemption allowance. However, this is complicated area and taking financial advice is important.

Inheritance Tax guide

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Q & A with an adviser

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HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

Ready to arrange an appointment?

However much you have and whatever your financial plans are, get advice on the right place for your money and help on planning for the future.

Arrange an appointment

Or just give Newcastle Financial Advisers a call

Speak to the Newcastle Financial Advisers team on

0345 600 4330

Lines are open every weekday between 9am and 5pm

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on Investments, Pensions, Life and Protection Insurance and Inheritance Tax Planning. Newcastle Financial Advisers Limited is an appointed representative of The Openwork Partnership which is a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.