Inheritance Tax in the UK can be a daunting prospect for anyone dealing with an estate after a loved one has passed away. It’s a tax on the estate (the property, money, and possessions) of someone who’s died. The rules can be complex, and the financial implications significant. Our expert team is here to guide you through every aspect of Inheritance Tax, ensuring compliance and minimising liabilities.
Estate Planning & Assessment: Tailored strategies to mitigate potential Inheritance Tax liabilities, ensuring your wishes are honoured and your loved ones are taken care of. We provide a comprehensive assessment of your estate to plan effectively for the future.
Inheritance Tax Return Filing: Expert guidance on completing and filing Inheritance Tax returns with accuracy. Our team ensures that all deadlines are met, avoiding penalties and additional stress during difficult times.
Trust Planning: Utilisation of trusts can be an effective way to manage and protect your assets, as well as reduce Inheritance Tax. We specialise in the creation and management of trusts that align with your estate planning goals.
Gift Strategies: Advising on the rules around gifting assets and money during your lifetime, a proactive approach to reducing your estate’s Inheritance Tax exposure. Our strategies are designed to benefit you and your heirs both now and in the future.
Initial Consultation: We begin with a comprehensive discussion to understand your unique situation, goals, and concerns regarding Inheritance Tax and estate planning.
Estate Evaluation: A thorough evaluation of your estate to identify potential Inheritance Tax liabilities and opportunities for tax-efficient strategies.
Customised Planning: Development of a bespoke estate plan that considers your objectives, family dynamics, and the most current tax legislation.
Implementation & Support: Assistance with the implementation of your estate plan, including the setting up of trusts, gifting strategies, and completion of any necessary tax filings.
Ongoing Review: Estate planning is not a one-time task. We offer ongoing support and review of your estate plan to adapt to legal changes, life events, and shifting goals.
With our comprehensive Inheritance Tax services, you can rest assured that your estate will be managed in accordance with your wishes, maximising the legacy you leave behind. Let us take care of the complexities of Inheritance Tax, so you can focus on what matters most – your family and their future.
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Our team of specialised inheritance tax advisors and estate planners brings years of experience in navigating the UK's inheritance tax laws. We keep up-to-date with legislative changes to offer informed and effective strategies, ensuring your estate is managed in line with your wishes while minimising tax liabilities.
Our team of specialised inheritance tax advisors and estate planners brings years of experience in navigating the UK's inheritance tax laws. We keep up-to-date with legislative changes to offer informed and effective strategies, ensuring your estate is managed in line with your wishes while minimising tax liabilities.
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We recognise the sensitivity of inheritance and estate planning discussions. Our compassionate approach is tailored to your unique needs and goals, aiming to simplify the process for your peace of mind and legacy’s security.
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From estate evaluation to implementing tax-efficient strategies, we provide comprehensive support. Beyond tax planning, we offer continuous advice and adjustments to your estate plan, adapting to changes in your life and the law.
Inheritance Tax (IHT) is a tax levied on the estate of someone who has died, including all property, money, and possessions. If the value of the estate exceeds the current IHT threshold, tax may be due.
IHT is typically paid by the estate of the deceased. This means the executor or administrator of the estate is responsible for paying the tax using the funds from the estate. In some cases, beneficiaries may also need to pay tax on gifts received within 7 years before the deceased passed away.
The standard Inheritance Tax threshold in the UK is £325,000. However, this can increase to £500,000 if you leave your home to your children or grandchildren. This is known as the Residence Nil Rate Band (RNRB).
Yes, there are several strategies to reduce or potentially avoid IHT. These include making gifts during your lifetime, setting up trusts, leaving a portion of your estate to charity, and careful estate planning. Each strategy has its own rules and implications, so professional advice is recommended.
Gifts made more than 7 years before your death are generally not counted as part of your estate for IHT purposes. Gifts made within 7 years may be taxed on a sliding scale known as “taper relief”. There are also allowances for small gifts, wedding gifts, and gifts out of income that are exempt from IHT.
If you die without a will (intestate), your estate will be distributed according to the rules of intestacy, which may not align with your wishes. This could also potentially lead to a larger IHT bill than necessary, as opportunities for tax planning might be missed.
The first step in planning for IHT is to get a clear picture of your estate’s value. Then, consult with an inheritance tax advisor or estate planner to discuss strategies that fit your situation and goals. Planning early can provide more options for reducing your IHT liability.
Yes, the family home is included in your estate’s valuation for IHT purposes. However, the Residence Nil Rate Band (RNRB) may increase your IHT threshold if you leave your home to your direct descendants, potentially reducing or eliminating the IHT due on your home.
IHT must be paid within 6 months of the end of the month in which the death occurred. Payment is usually made from the funds in the estate. It’s important to file the necessary returns and make payment promptly to avoid interest and penalties.
Yes, IHT can be paid in installments over 10 years for assets that may be harder to sell quickly, such as property or shares in a company. Interest is charged on the unpaid balance, but this can provide flexibility in managing the estate’s liquidity.
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