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Inheritance Tax Planning

This is an increasing area of concern for many people with the increase in house prices pushing many peoples assets above the IHT threshold, currently £300,000 (2007/08).  The estate being subjected to a 40% tax liability on all assets over the Nil Rate Band, currently £300,000.

Inheritance Tax legislation has also been broadened to encompass pension funds over a certain size.

Furthermore, the rules regarding setting up Trusts to ring fence assets or to Gift monies during your lifetime have been tightened.

It is therefore more important than ever to use a professional to help you plan your finances to reduce your IHT liability.

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