WHY AVOID INHERITANCE TAX?

Having worked hard all your life to build your financial portfolio and assets - that form your estate - it's upsetting to know that The Taxman could claim a significant proportion of this when you die.

The facts

Inheritance Tax is not only paid by the rich. Levied at a fixed rate of 40 per cent, it is possible to become a higher rate taxpayer after you die.

If you are single or divorced UK legislation allows the first £312,000 (2007/2008 Tax Year) of your estate to be free from Inheritance Tax. If you are married, in a civil partnership or widowed, this amount could rise to £624,000.

When you add up the value of your house, savings and investments and other belongings, you may be surprised by how much your estate is actually worth and you could therefore be looking at a hefty tax bill. With the general rise in house prices, in 5 or 10 years time the value of your estate is likely to be a great deal more.

Is there any good news?

Yes, there is good news. Inheritance Tax can in most cases be reduced or avoided through careful planning and by using a variety of available solutions.

Everyone's situation is different, therefore it does take considerable skill to identify the most appropriate solution for a particular set of circumstances. This can be an extremely difficult task for most people to handle alone so the Telegraph has joined forces with Skipton Financial Services who are highly experienced in providing Inheritance Tax advice and solutions.

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