INHERITANCE TAX PLANNING
What Is Inheritance Tax
Inheritance tax refers to an asset acquired by a beneficiary as a result of the owner’s death. When an inheritance is received, the beneficiary is liable to pay tax on the asset.
Most of us plan to leave our assets to our children, to relatives or to favourite charities in the event of our death. However, recent changes to inheritance tax thresholds and increases in capital acquisition tax rates now mean that without careful planning an individual’s estate could face a significant tax bill on their death.
What Are The Inheritance Tax Rates?
Inherited amounts below the stated tax threshold are not charged, however amounts in excess of this are charged at 33%.
At Consultas Financial Services Limited, Niall Kavanagh & Connell Porter will help you to identify and propose a solution to the management of any potential tax liability.
For more details on protecting your business in the event of death, contact Niall on 0834274881 or Connell 0834809229