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We all make plans for the future where we decide whom we wish to leave our assets to, to provide for our children and grandchildren after our death.
However, one thing that people often fail to spend enough time thinking about is exactly how much Inheritance Tax their children will have to pay and what assets will have to be sold to pay the tax.
Or to put it another way what assets they will NOT be able to leave to their children because they have effectively left it to the Taxman!
You may be interested to know that every year approximately £4 Billion in Inheritance Tax is paid, largely unnecessarily in our view.
Whilst Inheritance Tax is not quite a voluntary tax as has been said, there are a considerable number of reliefs and exemptions in the legislation to enable you to protect your estate from Inheritance Tax, good planning is simply taking advantage of the relief that applies to you.
We at Granite are dedicated to helping you protect your estate so that you can pass on as many of your assets to your beneficiaries as you can, assets that you have built up during your lifetime, and let’s face it you have already paid tax on them, income tax, capital gains tax, VAT, NICs etc.