|Dying is no fucking excuse!|
You've worked all your life (and paid income tax) to provide for yourself, your OH and your kids; got yourself a nice house, made some good investments and got a little money stashed away. Maybe even a small cottage in the country for those weekend breaks? Not too wealthy mind, but the houses are worth a few bob, that's for sure. Then you die.
Not good in itself, but everything you dreamed of passing on to your kids gets totted up and they have to pay the Government 40% of everything over £312,000. Nice, eh? Nothing like a bit of incentive is there?
Needless to say, there's all manner of rules and exemptions and, as with everything in life, nothing's simple. You can reduce the liability by giving money to people beforehand, assuming you know your date of death more than seven years before! It doesn't matter to you though, 'cos you're dead. Fuck 'em.
Speak to an Independent Financial Advisor to avoid all of the above.
The estates of UK service personnel killed on active service against the "enemy" or other service of a war like nature may be declared exempt from IHT under S154 of the Inheritance Tax Act. Staff at the Joint Casualty and Compassionate Centre (JCCC), part of the Service Personnel & Veterans Agency, automatically review claims in respect of those who die in military service. For personnel who die in retirement / after discharge from the military, applications must be made after the individuals death by their executor /NOK to Deceased Estates Office,JCCC, SPVA, Innsworth Station, Gloucester. GL3 1HW