For when choosing the right account gets too tough.
It is more and more likely that you will need to consider Inheritance Tax in your financial plans. Although it used to affect only the very wealthy, the sharp increase in house prices between 2002 and 2007* may mean that you now fall into the Inheritance Tax bracket.
The good news is that there are ways you can reduce the potential Inheritance Tax bill, or even eliminate it altogether. This is where an appointment with an Aviva Financial Consultant may be useful - visit your local branch or call 0845 744 6622 to book an appointment.
Inheritance Tax is payable if the value of your estate exceeds the 'nil rate band' which in the current tax year is £325,000 (2009/10). Tax on any part of your estate which is above this threshold is charged at 40%.
If you leave your estate to your husband, wife or civil partner, they will not generally have to pay any Inheritance Tax. But if you pass your estate to your children or a friend, they could get caught out, especially as the tax bill usually has to be paid before they can receive anything you have left them.
Considering the current tax laws and practice, Aviva suggest there are four main things you should think about to reduce your potential Inheritance Tax bill:
Of course, tax rules may change in the future.
Why not make an appointment with an Aviva Financial Consultant by visiting your
You can also download our Guide to Inheritance Tax.
Chelsea introduces its customers to Aviva Life Services UK Limited for investments, pensions and wealth management. Aviva Life Services UK Limited is authorised and regulated by the Financial Services Authority.
The advice you will receive will relate only to the products and services of Chelsea and Aviva
*Average UK house price rose by 79% between August 2002 and 2007 (Source: Norwich Union 2008)
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Principal office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ. Yorkshire Building Society is a member of the Building Societies Association and is authorised and regulated by the Financial Services Authority. It is entered in the FSA register and our FSA registration number is 106085.
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