History shows that inheritance tax was collected in England & Wales at an early time. This was a tax that was collected to ensure the inheritance of an estate with a certain amount. This can be reduced, as with most other tax deductions. You can check the right inheritance tax calculator online from inheritance-tax.co.uk/area/inheritance-tax.
The levy is often imposed during a time of grief for the family. This is why it is not popular with the general public. There are however demands that the threshold for levy be increased. This matter is still not resolved.
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What is inheritance tax?
Inheritance tax in the UK is collected on your estate. It is basically a tax on everything you own at the time you die, after subtracting any owed. Sometimes, it is also applicable to assets you have given away during your lifetime. This applies to all your assets, property, wealth, money, and anything else that isn't held in trust.
What will advisors tell me?
For planning purposes, it is always a good idea to consult an expert advisor. These advisors can not only provide you with inheritance tax advice, but they can also assist you in your general financial planning. Although it is illegal to avoid taxes it is possible to reduce them by restructuring your assets.
Make use of their knowledge
The experience of the company or person you hire will determine the type of advice you get. Many Lincoln financial advisors can provide sound advice to help you reduce your inheritance tax liability. You could, for example, make a gift of your partner. Your partner won't have to pay inheritance taxes on the gift in such a situation, as certain gifts or transfers are exempted from it.