Inheritance Tax Planning

Tax is one of life’s certainties but no one wants to pay more than they have to and tax planning can make a big difference

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Many clients are shocked to learn the amount of tax that may become payable on their estate when they die and which assets are taken into account – simply put –virtually everything. 

The current nil rate band for an individual is £325,000 plus a possible £175,000 additional allowance if you own a house that you pass on to your direct descendants. The balance is taxable at 40%. 

This however is not the whole story and there are opportunities to mitigate the tax payable using transferable allowances, Agricultural Property Relief, Business Property Relief, gifting and the use of trusts. 

Tax planning can be a difficult balancing act between benefiting the family in the most appropriate way and ensuring that opportunities to save tax are also considered; often the two motivations do not result in the same solution. 

Tax planning involves not only an effective Will but also lifetime planning which is not always as simple as it may first appear especially if you wish to maintain some control through the use of trusts.

We can guide you through your options and prepare an Inheritance Tax report detailing the current position and what planning opportunities there are to mitigate your future tax bill ensuring more of your estate is available for your family rather than HMRC.

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Our approach is to balance the need to protect your interests with keeping the wider picture in perspective

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