inheritance tax planning
Don't underestimate the impact that Inheritance Tax will have on your estate - it could mean that the taxman is your largest single beneficiary. Your estate will be liable to pay 40% on assets above the Inheritance Tax threshold of £325,000 (frozen to 2020/21) But with careful management, you could often significantly reduce the liability.
Roy Jenkins, the former Labour Chancellor of the Exchequer, famously described Inheritance Tax as "a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue". But there are ways to avoid this, aiming to make sure it's your beneficiaries who profit.