Inheritance Tax Planning
Inheritance tax used to be a tax that only the wealthy had to pay, however, with rises in property prices over the last few decades this is no longer the case.
The initial amount of an estate on death that is not subject to inheritance tax (known as the 'nil rate band') has been frozen since 2009 and the threshold for the tax year 2016/17 is £325,000. As a result, an increasing number of estates are becoming liable for inheritance tax. Most people would prefer to leave their money to their children or grandchildren rather than to the Chancellor of the Exchequer.
Our advice will take in various inheritance tax planning tools, your will, the use of trusts, lifetime gifts, tax-favoured investments and, where suitable, life assurance.
A gift or transfer of assets in excess of any lifetime exemptions will fall wholly outside your estate for tax purposes after a period of seven years, but even if your life expectancy is less than this we could still help you to reduce the amount of inheritance tax arising on your death.
We are more than happy to work with other professionals, including solicitors and accountants, in seeking to reduce your potential inheritance tax liabilities.
[HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.]