Inheritance Tax Planning
Recent changes to the tax rules means that tax planning through Wills and in particular through the use of Discretionary Trusts is no longer necessary for most people. However advice can be given on a range of other options that may be available to help offset tax.
The introduction of the transferable nil rate band allowance between married couples and civil partners has the effect of doubling up the Inheritance Tax allowances available on second death. However this is not automatic. In order to claim the full allowances the Executors will have to provide H M Revenue and Customs with detailed documentary evidence of the estate administration of the first to die, however long ago that may have been. This highlights the need for professional help in administering estates and record keeping.
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