NOTTINGHAM SOLICITOR URGES 'GIVE GENEROUSLY' TO AVOID INHERITANCE TAX July 2005
A Nottingham solicitor is urging homeowners to give generously.
Rising house prices will push many more of Nottingham's homeowners into the inheritance tax bracket Inheritance tax (IHT) is currently charged on the estate of many people who have died at 40% over �275,000.
According to Hilary Tarran, Senior Solicitor at West Bridgford-based Robert Barber Solicitors who specialises in probate and wills, more and more people will be hit by inheritance tax because of the steep rise in Nottingham's property prices. Mrs Tarran reports however, that there are ways to get round this problem.
"The tax man allows you to make cash gifts of up to �3,000 in each tax year to family and friends. Any amounts of money given over and above this amount will be liable to IHT if you die within 7 years of making that gift. Amongst others, gifts to spouses, gifts out of income, small gifts and certain gifts on marriage are also exempt from IHT.
"�275,000 sounds a lot of money, but in today's economic climate your home could now easily equal that amount, if not exceed it," warned Mrs Tarran.
However, Mrs Tarran is urging homeowners, who want those closest to them to benefit fully from their estate, to make a will and consult a professional who can advise on the best course of action to try and save IHT. "There are so many pitfalls," said Mrs Tarran. "It is simply not worth risking the minefield of IHT if it could be avoided- speak to an expert."
Robert Barber Solicitors is one of the longest established law firms in Nottinghamshire. The practice was set up more than 130 years ago. In addition to its West Bridgford office the firm also has offices Eastwood and Hucknall.
|