Professional Inheritance Tax Planning

IHT (sometimes referred to as the death duties tax) is payable on estates of all UK domiciled individuals with a value in excess of the nil rate band (2003/2004 £255,000). This includes the value of your family home. Above the nil rate band inheritance tax is payable at 40%.

Inheritance Tax Lifetime Strategies

We have developed strategies to save inheritance tax on the following:
  • The family home - removing the value of your home from your estate.
  • Investment properties - giving away properties without capital gains tax.
  • Businesses - maximising relief on business and agricultural property.

Inheritance Tax Planning with Wills

We can advise on how to use your Will to save inheritance tax:

  • Using a nil rate band discretionary trust.
  • Creating a debt or charge to use the nil rate band.
  • Double discretionary trust.
  • Doubling up business and agricultural property reliefs.

  • Inheritance Tax and the use of Trusts

    A trust is a useful way to remove an asset from your estate for inheritance tax and to retain control of it. We can advise on saving inheritance tax (or death duties) and protecting your family’s wealth through trusts.

    You don't need to be rich for your estate to be subject to inheritance tax.

    Inheritance tax is currently charged at 40% on the full value of your estate above £255,000. Your estate will include everything:
    • Investments & Savings
    • Home & Car
    • Furniture & Personal effects
    • Life assurance, unless it is written in trust
    Inheritance tax is not paid where your estate passes to your spouse, but if you do not have a spouse, or on your spouses subsequent death, inheritance tax is paid by those who inherit. Inheritance tax must be paid by or deducted from the estate before your assets are distributed.

    Calculate the potential tax bill on your estate using our inheritance tax calculator.

    For those who wish to protect their assets from the UK tax authorities there are many ways to ensure you pay the lowest possible level of tax on your estate.

    Solutions can include creating trusts, utilising nil rate bands, arranging life assurance policies or utilising multi-life offshore products.

    Careful planning is required and consultation between a solicitor, accountant and independent advisor is recommended. We have arrangements with solicitors and accountants who can help you mitigate any inheritance tax liability. Contact us with your details and requirements.

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