You & your family
Inheritance Tax - A Summary
16 Nov 2017
Take a look at our top ten tips to ensure you limit the amount of Inheritance Tax your children will pay on your estate.
The Office of Tax Simplification (OTS) has undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax.
Many people are unaware of the Residence Nil Rate Band which gives an additional threshold of £175,000 per individual, potentially saving you thousands in IHT.
Inheritance & estate planning
Protecting your wealth is important but without planning, 40% of your estate could be lost to Inheritance Tax when you die.
Fortunately, there are many ways to minimise your exposure to Inheritance Tax. Making sure you structure your affairs tax efficiently with a view to meeting your long-term plans is essential.
Planning should be as straightforward as possible as tax legislation and your personal circumstances will change over time.
We advise on ways to reduce Inheritance Tax such as Agricultural and Business Property Relief and making gifts.
Inheritance Tax is not just a tax on death, it can arise during your lifetime. We’ll take Inheritance Tax into consideration if you are changing your asset profile or transferring assets into a trust.
Some of the services we provide include:
- School fees planning
- Pre-owned assets
- Planning and accounting for trusts
- Lifetime gifts from income or capital
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Pension and retirement planning
A pension is a long-term investment that helps you build up a pot of money to use for retirement.
You & your family
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