Inheritance Tax – What’s on the cards?

Everyone is currently entitled to pass on £325,000 of wealth tax free, regardless of whether or not they own a property. This is known as the tax-free threshold, or “nil-rate band”. Any assets in an estate above this amount incur an Inheritance Tax charge of 40 per cent.

Married couples and civil partners are entitled to double the allowance, or £650,000 before tax is payable.

From April 2017 the Government are proposing the introduction of an additional tax-free allowance for people who own a home, called the “family home allowance”. It could eventually be worth an additional £175,000 per person. Added to the £325,000 allowance that everyone gets, this could mean a new allowance for property owners of up to £500,000 – or £1 million for couples.

If you have been asking yourself the following questions, then it is time to seek qualified independent advice to help you to make the correct decisions.

Seven Common Inheritance Tax Questions we can help you to answer:

• Can I leave my house to other family members?
• Does the value of the house matter?
• What if the house is owned in just one name?
• What if we don’t own a house?
• Our home will be sold on death. Will we miss out?
• I’m already widowed. What’s my new allowance?
• What about job-related accommodation?

If you’d like to find out more about how these proposed new rules could affect you, why not book a place on our informative complimentary Inheritance Tax Seminar?

The seminar will be presented by Nick Lawson, Director of HGH Wealth Management Ltd, BSc (Hons) PGDip BA Dip PFS, in partnership with Hunter Gee Holroyd Chartered Accountant’s specialist ‘in house’ Inheritance Tax Team of Nigel Atkinson, Robert Salenius and Paul Morris and Charles Cohen an investment management expert from Sanlam.

The seminar will run from 10am on Thursday, November 26 at the Grand Hotel and Spa in York with an opportunity for questions and informal discussion over lunch at 12.15pm.

This event will cover the inheritance tax issues which currently apply and what potential issues and innovative solutions may be available to minimise the amount claimed by the Chancellor of the Exchequer in the event of death.

The seminar will highlight the importance of planning and taking professional advice to ensure current standards of living can be maintained, whilst safeguarding assets.

HGH Wealth Management Limited and Hunter Gee Holroyd ran a similar event in 2014 which was very well received with client's commenting: "We just want to say thank you to you and all your colleagues involved in organising and giving the very informative presentations at the Tax Seminar this morning and for the excellent lunch."

How to Book the Complimentary Seminar: As places are limited, please register as soon as possible to avoid disappointment. You can do this either by sending an email to seminars@hghwealth.co.uk (please include your name and a contact telephone number), visiting www.hghyork.co.uk or by telephoning 01904 655202 and asking for Julia O’Connor or Sharon Ward.

Finding out more about Inheritance Tax: If you would like to know more about the additional tax free allowance or any other aspects of financial planning and wealth management, contact Nick Lawson on 01904 655202 or email nick.lawson@hghwealth.co.uk.

HGH Wealth Management Limited is a division of Hunter Gee Holroyd Chartered Accountants who have offices in York, Easingwold and Filey www.hghyork.co.uk.

HGH Wealth Management Ltd is an appointed representative of InvestAcc Ltd which is authorised and regulated by the Financial Conduct Authority. Visit www.hghwealth.co.uk for more information.