Inheritance Tax (IHT) is usually charged at 40% on the value of all assets above the nil rate band of £325,000. Although Inheritance Tax (IHT) is seen as a tax on the wealthy, due to the freezing of the nil rate band since 2009 and the rise in property values in recent years, more and more families are falling into the IHT net. When left unaddressed, IHT may result in a substantial reduction in family wealth. It is therefore more important than ever to review your estate and take the necessary measures to reduce your exposure to IHT.
Our highly knowledgeable IHT team can assist you by first calculating your current tax exposure and then working with you to determine your appetite for gifting wealth during your lifetime. We will invest time in getting to know you, listening to your aims and objectives, taking into account your family dynamics, and your future income and capital needs.
With a deeper understanding of your personal circumstances, we look at the allowance, exemptions, and effective gifting strategies available to you, so we can provide tailored planning solutions for you to consider, helping you to optimise your estate and reduce your tax burden.
Trust us to guide you through the intricacies of IHT, no matter how complex your financial situation.
Our approach is to provide clear, jargon-free, creative and practical advice to ensure that a greater share of your wealth is preserved for future generations. Our services include:
- Producing an asset and liability schedule and quantifying your current IHT exposure.
- Projecting your future income and capital needs.
- Tailored advice on the mitigation of IHT during your lifetime and on your death.
- A Business Property review for qualifying businesses and companies holding non-qualifying business ‘investments’.
- An Agricultural Property Review (APR) for farms and landed estates to confirm the availability of APR.
- A Will review to ensure your estate passes in accordance with your wishes and in the most IHT-efficient manner.
- Advice on passing wealth to the next generation through trusts and family investment companies.
- Advice for foreign domiciliaries on mitigating UK IHT prior to becoming deemed domicile in the UK.
- Advice on the availability of IHT relief for national heritage property and the conditional exemption regime.
Read our latest updates and insights on Inheritance Tax so you are better prepared for how you can manage your wealth.
Inheritance Tax Planning Factsheet
Download our Inheritance Tax factsheet, designed to summarise what IHT is, how it affects you and how we can help.
Private Client Briefing 2023 - Inheritance Tax and Probate
None of us likes to dwell on morbid thoughts, but there’s never been a greater need to plan for IHT, as the IHT receipts for the Treasury continue to increase, and more and more families are caught by the IHT net. This IHT and probate focused briefing highlights planning principles and opportunities for you to consider.
Their support goes beyond providing excellent guidance and service with a no fuss, professional down to earth approach. They not only understand our business needs but also bring an in-depth knowledge and valuable networking opportunities. There is a genuine feeling of partnership and trust.
See all of our latest news related to Inheritance Tax
Inheritance Tax: Business Property Relief
What is Business Property Relief? A relief, known as Business Property Relief (BPR), reduces the...
Estate planning and Inheritance Tax
Things to consider for estate planning We have set out some key points to consider...
Environmental Land Management and Inheritance Tax relief
Under the new ELM schemes, farmers and landowners are rewarded for farming in a sustainable...
Inheritance Tax: Charitable donations
An often-overlooked subject in relation to tax is the relief available on qualifying charitable Gift...
Record Inheritance Tax receipts in 2023
The Government’s decision to freeze the IHT threshold has led to more families being...
Family investment company: pros and cons
A family investment company (FIC) is a bespoke vehicle that can enable parents to pass...