Inheritance Tax Advice & Planning
How can we help reduce your Inheritance Tax Liability?
Inheritance Tax is a tax paid on your property and belongings (estate) when you die. It has to be paid before probate is granted and the inheritance is released and can take a sizeable slice out of the wealth you wish to leave your family.
Your estate, for Inheritance Tax purposes includes:
- Your home and any other properties you own
- Your possessions
- Bank and Building Society accounts
- Insurance policies not paid out under trust arrangements
- Overseas Assets
There are many ways our inheritance tax planning services can help minimise the tax payable on your death. For example, have your life insurance policy pay out into a trust rather than your estate. Many people will find their insurance is not written into trust therefore rather than potentially solving a problem, it is now causing a problem. Similarly, leaving legacy wills – donating a portion of your estate to a UK charity – can help reduce the tax burden, or simply just by gifting.
- Making gifts (if you make a gift and die within 7 years of making it, there may be Inheritance Tax to pay. These gifts are called “potentially exempt transfers”)
- Structuring Wills to minimise Inheritance Tax
- Use of Trusts can help when implementing tax planning
- Business succession planning. One of the most valuable Inheritance Tax reliefs is Business Property Relief, which allows qualifying business assets to be passed to the next generation free of Inheritance Tax.
- Restructuring your inheritance plans following a marriage, or a divorce
- Structuring your affairs to make the most of reliefs
- Investments with favourable Inheritance Tax treatment
- Deeds of variation
- Overseas Trusts and many more as each individual has bespoke needs.