Wills and inheritance tax
A gift in your Will to a
charity is tax free. This could bring the value of your estate
below the inheritance tax threshold – which means more will go to
your loved ones.
When you die, your estate will be valued to see if it is liable
for inheritance tax. The valuation will include the market value of
your home (not the value when you bought it).
If your estate is worth more than the threshold set by the
Government, then the amount over and above the threshold will be
subject to inheritance tax at 40%.
2009 threshold
The threshold in 2009 is £325,000, and is likely to rise
year on year – so you need to be aware of current figures.
However, any gift in your will to your spouse, civil partner or
a charity is free from tax, as the value of these is deducted from
your estate before inheritance tax is calculated.
So a gift to the Parkinson's Disease Society could bring the
total value of your estate below the threshold – and avoid your
estate being taxed altogether.
Consult a solicitor
Of course, individual circumstances can affect wills and
inheritance tax. So it's always best to consult a solicitor about
the best tax-saving options for you.
For more information on avoiding inheritance tax please ask
your solicitor.
Request your free Will Guide
To request your free Will Guide, or ask any
questions, contact our legacy team on 020 7963 9306 or email
legacies@parkinsons.org.uk
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