Benjamin Franklin said:
“In this world nothing can be said to be certain, except death and taxes”
If you plan to pass on your wealth after you die, your loved ones could face a big tax bill.
40% of the value of estate could be passed onto the taxman. Your estate is your property, savings and other assets, things you have worked hard for, so it makes sense to plan to pass these assets onto those who you care about.
You can reduce inheritance tax bill in a number of ways. There's a tax-free allowance, and you can also give away a certain amount of your money during your lifetime, tax-free and without it counting towards your estate.