What we can help you with
- Understanding the current Inheritance tax regime
- Planning how to mitigate Inheritance Tax
- Understanding the impact of lifetime gift
“The only two certainties in life are death and taxes” or so the saying goes. Your estate might be liable for Inheritance Tax (IHT) and if so, your Executors will need to arrange its payment to HMRC ahead of specific deadlines. Some estates are not liable for IHT because the net value is less than the Nil Rate Band threshold (currently £325,000) but it is not that simple. Even if your estate might be worth more than this, careful planning could help save your estate considerable sums of money, given that IHT is levied at 40% on the net value of your estate above the Nil Rate Band.
There are several exemptions and reliefs that can be used to reduce the IHT burden. These include the Residence Nil Rate Band, Business Property Relief and Agricultural Property Relief. Leaving money to charities also helps reduce the IHT liability on your estate.
If you are married and you made your Will before October 2007 your Wills may no longer be tax efficient. We can review your circumstances and advise you if a new Will would be advantageous.
IHT planning is therefore just part of the picture we look at when you come to us for advice about a new will and you may be advised, in your circumstances, that setting up a trust could be appropriate. We have been trusted to help generations of families plan for the future – whether their financial position.