Inheritance tax planning

It's your family that should benefit - not the tax man!

You’ve worked hard to build up your estate, so of course you want to make sure that as much as possible gets passed on to your family - and as little as possible to the taxman.

Why not use our Inheritance Tax Calculator to find out your potential inheritance tax liability.

What exactly is inheritance tax?

Not everyone pays Inheritance Tax. It is only due if your estate – including any assets held in trust, and gifts made within seven years of death – is valued over the current Inheritance Tax threshold which is £325,000. The tax is payable at 40% on the amount over this threshold, in other words, £4,000 for every £10,000 above your personal allowance. For married couples/civil partners, if on the death of the first spouse/civil partner the deceased has not used all of their IHT allowance, the remaining allowance can be transferred to the surviving spouse/civil partner. This means that their widow/widower/civil partner could have an allowance of up to £650,000 (2009/2010) on their death. This entitlement will also be extended to all existing widows, widowers and bereaved civil partners and will rise each tax year in line with the individual allowance increases.

Going beyond the tax threshold is easier than you might think

These days, it’s not just the very wealthy who pay IHT. Almost £4billion was paid in inheritance tax in 2007/08 (Source HM Treasury, Economic and Fiscal Strategy Report).

Why not sit down with one of our advisers and find out what they believe is best for you – from the best way for you to reduce the amount of tax your family will have to pay, to exploring areas such as putting money into trusts, gifting some of your assets or assigning a life insurance policy to cover your inheritance tax liability.

Like to know more?

It’s never too late. Get in touch today for your no obligation meeting with Nationwide Independent Financial Services Limited.

If you'd like to talk to Nationwide Independent Financial Services Limited about financial planning, you can either book a meeting with a Nationwide Independent Financial Services professional or call in to your nearest Cheshire Building Society, Derbyshire Building Society or Dunfermline Building Society branch.

Alternatively call us on 08456 021 899.

Lines are open 8am to 7pm, Monday to Friday and 8:30am to 12:30pm on Saturday. Calls are charged at local rate. All calls are recorded and may be monitored for service quality or security purposes to prevent or detect crime.

Nationwide Independent Financial Services Limited is a wholly-owned subsidiary of Nationwide Building Society. Nationwide Independent Financial Services Limited is a company registered in England. Number 2170056. Registered Office: Nationwide Independent Financial Services Limited is authorised and regulated by the Financial Services Authority under registration number 126534. Head Office: Nationwide House, Pipers Way, Swindon, Wiltshire SN38 1NW. Email: enquiries@nationwideifs.co.uk. You can confirm our registration on the FSA's website, www.fsa.gov.uk or by contacting the FSA on 0300 500 5000. Past performance is not a guide to future performance. The value of investments and any income from them can fall as well as rise as a result of market and currency fluctuations and inflation, which could mean that you may not get back the amount originally invested. All calls are recorded and may be monitored for service quality or security purposes to prevent or detect crime.