Inheritance Tax (IHT) is a tax that many people don’t consider or presume that it is something that only the rich and the elderly should be concerned about. However this is certainly not the case.

There were some significant changes made to IHT in the Pre-Budget Report in October 2007 and prior to this, IHT was a levy paid to the Government by those affected at the same rate. Today, depending on your individual circumstances, it affects people in different ways.

The starting point at which you begin to pay IHT is £312,000 if you are single or divorced or £624,000 if you are married, in a civil partnership or widowed. These amounts are referred to as the nil rate band. Everything in your estate over and above your nil-rate band, including the value of your house, savings, investments and assets is subject to 40% tax when you die. That’s 40p out of every pound you own - or £400 out of every £1,000!

This may sound a lot, but by simply adding up the value of your house, savings, investments and any other assets you may be surprised how much you and your estate is actually worth.

With the dramatic increase in house prices over the last few years, the value of your estate could have increased substantially, although you may not have considered your IHT liability.

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Our simple guide will help you find out how Skipton Financial Services could help you to reduce or even eliminate this unnessary tax.

To find out more about any of
the services we’ve mentioned
simply:

• Contact your SFS Financial Adviser
• Call a member of our Client
  Help Line on 0800 137 832
• Visit your local Skipton
  Building Society branch to
  arrange an appointment with
  an SFS Adviser

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