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The answer is 40% of the amount of estate you have remaining over the tax threshold of £325,000). To see how much you would have to pay for inheritance tax, we have created a helpful calculator to work out how much you will be paying.
Inheritance tax would potentially cost family members hundreds of thousands of your well-earned cash. However, ln recent times we have found there is a way around this so you can reduce the amount of inheritance tax to be paid, with a life insurance policy.
A life insurance policy can cover the cost of the amount which would be owed in inheritance tax. The sum to be covered can be worked out on our inheritance tax calculator.
Plans that are set up to pay into a trust do not form part of the deceased’s estate and should, therefore, are exempt from inheritance tax.
An important added benefit is that policies left in the trust will pay out a lot quicker than going through the probate process, with the sum being handed over in a matter of weeks, rather than months.
An alternative to a whole of life policy is to give away part of your estate before you die.
However, if you die within seven years of the gift, there could still be an inheritance tax liability as most gifts are classed as ‘potentially exempt transfers’ (PETs) for the seven years. As the tax due on a PET reduces over the seven-year period this makes a seven-year decreasing term policy a sensible and low-cost way to cover the potential inheritance tax liability.
Peace of Mind: Knowing your beneficiaries won’t face a hefty tax bill provides peace of mind and allows them to focus on grieving instead of financial worries.
Flexibility: Choose a coverage amount that aligns with your estimated inheritance tax liability. Premiums are usually fixed and affordable, making it a manageable and prudent approach.
Control: Maintain control over your assets while ensuring your loved ones inherit a larger portion of your wealth. It will seamlessly complement any existing estate planning strategies.
Tailored Options: Different policy terms cater to individual needs, policy lengths and estate values.
Why not give us a call today on 0800 368 7533, so one of our experience ITR policy experts can assess your current circumstances & requirements, then determine if inheritance tax reduction insurance would be right for you and align with any existing estate planning strategies you have in place.
Alternatively, request a free back using our form.
To continuously improve our service and built better products, we strongly believe in encouraging customers to feedback what’s working and where improvements could be made. To support this, we teamed up with the brilliant Reviews.IO, so everyone can leave honest reviews for everyone to see, in real time.
While providing market leading insurances options, useful features and after sales support, for ALL our customers. As experienced, respected insurance brokers, our key strength is listening to what customers really need to feel financially protected and providing them with trusted and fully transparent advisors to help them make the right decisions about protecting their income, property, families, and futures.
If you have any questions about any of our policies, from income protection, life or home insurance to one of our more specialist policies; or would simply like a ‘no obligation’ quote, we’d love to take your call on
0800 368 7533.
Alternatively complete our quick and easy form, and a member of our team will be in touch shortly.
