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Inheritance Tax - A Summary

16 Nov 2017

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Know your Inheritance Tax exemptions

Know your Inheritance Tax exemptions

Lifetime gifts are generally subject to IHT if they exceed the £325,000 nil rate band and do not qualify for either Agricultural Property Relief or Business Property Relief. However, some gifts are automatically exempt from IHT and do not require you to survive seven years for the value of the gift to fall outside your estate.

Could you claim an Inheritance Tax refund?

Could you claim an Inheritance Tax refund?

If you inherited a property that you then sold for less than the property was valued upon death, you could get a refund for the difference of the Inheritance Tax.

Inheritance Tax & estate planning

Protecting your wealth by planning is important. If your estate exceeds the Nil Rate Band (£325,000) 40% of your estate could be lost to Inheritance Tax (IHT) 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 many 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
  • Minimising your IHT liability

 

Speak to an inheritance & estate planning expert

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A pension is a long-term investment that helps you build up a pot of money to use for retirement.

Finances can be complicated.
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