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Essential Tools for Inheritance Tax Planning

Date when Video was Published: 13/09/2024

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Key tools in inheritance tax planning include the Nil Rate Band and Transferable Nil Band Rate. The Nil Band Rate is set at £325,000 and frozen until 2028, allowing you to pass on this amount tax-free. If your spouse passed away without using their Nil Band Rate, you can transfer it, effectively doubling your allowance. The Residence Nil Rate Band, fixed at £175,000 until 2028, further reduces inheritance tax on family homes. However, this allowance tapers off for estates valued over £2 million. Understanding and utilising these tools can significantly ease the tax burden on your estate, ensuring more of your wealth goes to your loved ones. At Duncan Lewis Solicitors, we offer tailored advice to help you navigate these options and safeguard your estate from future tax liabilities. Please visit our website or call us directly on 033 3772 0409

Disclaimer

This video content was created on 13/09/2024 to provide an overview of the legal position and the information was correct at the time this video was created. This video has been produced for purposes of generic information and marketing purposes only. While the information on this site is about legal issues, it is not intended as legal advice or as a substitute for the particularised advice of your own legal advisor. Please consult one of our lawyers to provide you with advice and assistance on any matters touched on this video. Viewing of this video does not create legally binding advice and does not create a retainer with Duncan Lewis Solicitors. This video is Copyrighted at Duncan Lewis Solicitors 2024. Any illegal reproduction of this content is prohibited and will result in immediate legal action.

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