A S Landscapes
All aspects of landscape construction Expert team in fencing and paving Contact Andy: 07841 976262
www.aslandscape.uk A brief insight into Inheritance Tax
unused NRB. This “transferable allowance” can Following my December article regarding provide a joint NRB of £650,000, saving up to gifting, this is my initial brief insight into £260,000 IHT. (£650,000 x 40%). the image consultants Inheritance Tax (IHT). Colour & Style Analysis, Cosmetics, The Residence NRB. If married couples or Make-up Lessons, Gift Vouchers, Parties What is IHT? civil partners leave a property to their adult children, a further £175,000 relief each is It is mainly a post death tax. Because of house Kimberley Blackham currently potentially available. Therefore, they prices especially, IHT affects many people. 07932 786 010 potentially have up to £1 million “free of “IHT. How does IHT operate? IHT is calculated (mainly) after someone has (NB, these reliefs are currently only available died. We look at the value of their estate and for married couples and civil partners. The deduct any liabilities. If the total value is less Residence NRB is only available if there are than the Nil Rate Band (NRB), there is no IHT. adult children). The NRB is the element of an estate charged at Summary Ian Phipps MCFHP MAFHP 0% for IHT (ie “free of” IHT). This is currently IHT is complex and specialist advice is £325,000. Foot Health Practitioner recommended to carry out IHT planning, which (Wendover - based) If the value exceeds the NRB, the balance is should normally include Will planning. currently taxed at 40%. If you would like to discuss matters, please Home visits - 01296 623851 contact me on iain@wanstallconsulting. Some IHT reliefs Surgery at the Belmore Centre Married and civil partnership allowance. If you co.uk or 01296 415700. You can also find 01296 612361 leave all your assets to, or for, your spouse or more information on my website: www. civil partner in your Will, it is normally free of wanstallconsulting.co.uk. See advert page 5. Registered member of the IHT. When the second party dies, their estate “Keep busy, keep well and, above all, British Association of Foot Health Professionals can benefit from their own NRB and the first`s keep smiling”!
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Wendover News March 2021
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