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Forward planning 'can help reduce inheritance tax'
06 May 2008
Cohabiting couples need to plan ahead if they want their loved ones to avoid the burden of inheritance tax, claim financial advisors Calculis Ltd.
Last week, two elderly sisters lost a legal appeal when they claimed that co-habiting couples were discriminated against when it came to inheritance tax.
They argued that their human rights were being breached as they did not have the same rights as married and gay couples.
While couples that live together must pay tax on anything they inherit from one another, by consulting a financial advisor they can explore a number of exemptions to inheritance tax.
Alex Pegley director of Calculis Ltd, said: "Simple planning, a quick discussion, and in most cases a little bit or rearranging of assets [can help], it does not have to be complex and can obviate the tax."
Inheritance tax is the tax that is paid on your "estate" after you die, if the taxable value of your estate is above £312,000.
