Do you know......

The first £325,000 (the nil rate band allowance for year 2009/2010) of assets you own will be free of IHT to pass to your beneficiaries. Any assets left in your estate in excess of this amount can be charged at 40%.

Under the new Transferable Nil Rate Band legislation introduced in Oct 2007 married couples and civil partners can pass on a total of £650,000 on second death without incurring any IHT.

However for an application to be successful you need to be prepared. Your claim would need to be supported by all relevant documents, including your Will, Codicils, copy of the grant of probate, death certificate, tax documents and details of any gifts that may have been given out previously.

There are may ways in which your IHT liability may be reduced. Some of the options that we would discuss with your are;

• Nil Rate Band Discretionary Will Trust
• Equalisation of estates for married couples and civil partners
• Potentially Exempt Transfers
• Regular use of annual transfers
• Making use of Business Relief's or Agricultural Relief's
• A gift to a charity