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Inheritance Tax Planning Will

Putting Inheritance Tax Saving Wills in place allows married couples and those who have entered into a Registered Civil Partnership to effectively double the “nil rate band” allowance. With suitable wills this means that the surviving partner can still get access to the deceased partners estate whilst not increasing their own estate value for Inheritance Tax (I.H.T.) purposes. Civil Partnerships can also use this form of will to double the “nil rate band” currently set at £300,000 as it allows them to utilise both person’s “nil rate band” allowance. In the tax year 2007/2008 a total of £600,000 of assets can be left as an inheritance without any IHT tax being due. Provided the Appropriate Inheritance Tax Planning Will is in place. This type of Will results in couples having direct tax savings of up to £120,000.

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