Inheritance Tax Planning

Passing on your estate to your loved ones in the most tax-efficient manner should be at the forefront of everyone’s personal financial planning.  Unfortunately, advice of this nature is not a ‘one size fits all’ and therefore specialist advice should be sought in relation to your own circumstances.  We specialise in providing advice and undertaking compliance work relating to the creation and taxation of trusts, assisting the Personal Representatives and Executors of estates and Inheritance Tax planning.

Inheritance Tax (IHT) can be a burden for many, with increasing house prices bringing more people potentially within the scope of IHT.  IHT planning should be an integral part of a family’s overall tax planning strategy, in order to maximise the value of your estate that you leave to your beneficiaries.

IHT is charged at a rate of 40% on any chargeable value in your estate which exceeds the available Nil Rate Band (currently £325,000 for 2021/22).  Without the right planning, your loved ones may have to sell assets to pay IHT. We can assist in calculating any potential IHT liability that your estate may be currently exposed to and provide advice on ways in which such a liability may be mitigated.

We can help you identify and utilise reliefs, such as Business Relief and Agricultural Relief, which may be available on assets used in trading business and farming businesses.  This can extend to shares held in a trading company or assets used in a trading partnership.

We can provide advice on the utilisation of your Nil Rate Band, annual exemption and other reliefs available in relation to the passing on of your main residence and assets.  We can guide you in circumventing IHT by transferring assets between spouses and civil partners and also advise on the implications of gifting to individuals and trusts.

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