Inheritance tax

We all want our families to be financially secure when we are no longer around. The earlier you start planning for the way you pass on your assets, the greater your opportunities will be to take full advantage of tax-saving opportunities that allow you to maximise the amount that goes to your beneficiaries.

With inheritance tax (IHT) levied at a hefty 40 per cent on your estate above an allowance known as the nil rate band – currently £325,000 –  forward planning is essential.

For some people, having in place an up-to date and tax-efficient will is all that is required. Others may need more complex inheritance tax planning advice, including  making the best use of the gifts and exemptions allowed under the IHT regime, including lifetime gifts, annual gifts, gifts to charities and agricultural and business property relief.

We can advise on using trusts as a way to reduce inheritance tax liabilities, whether they are created during your lifetime or by your will, by giving away assets while retaining flexibility over who will benefit from them and when.

We’ll also make sure that we look at your estate planning from all angles so that, for example, a gift that saves inheritance tax does not unnecessarily create a capital gains tax liability.

A key part of estate planning is to ensure that you make adequate provision for yourself and your partner in your later years.  We can advise on ways to provide financial security during your lifetime and can make arrangements that take into consideration the possible need for long-term care in the future.

For more information about our accountancy, tax and business advisory services or to arrange an initial free meeting, please contact us.

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Spring Budget
2017

Read our Summary