Inheritance Tax Planning

Do you have concerns about your loved ones’ financial situation after you pass?

Inheritance Tax Planning makes sure that your wishes are carried out when you die, and that your family isn’t burdened with a hefty Inheritance Tax bill.

Why pay more tax than you need to?

The more you plan ahead, the more options you have

There are various ways to reduce the tax liability for your estate, such as gifts, family trust and charitable legacies. The important thing is that the more you plan ahead, the more flexibility you have in choosing options that reflect your wishes.

There are lots of different options and solutions to make efficient Inheritance Tax planning a reality. Some are very simple and straightforward while others are more complex. Whatever your situation, we’ll be able to recommend the right course of action for you.

Frequently asked Questions

Inheritance tax is charged on your worldwide assets so don’t forget to include foreign properties.

A PET is a gift which will fall outside of your estate after 7 complete years.

Your business and balance sheet structure will need to be carefully checked to ensure all the detailed rules are met.

There are limits for wedding gifts from parents and grandparents below which they are exempt for inheritance tax.

Trusts offer highly efficient tax planning opportunities from an inheritance tax perspective but capital gains and income tax also need to be considered.

The annual exemption can be carried forward for one year.

This is a complex area of legislation and it is worth letting us review your estate and Will to ensure the relief is maximised.

Ownership as joint tenants or tenants in common (joint owners or owners in common in Scotland) can have a major impact on where your assets will pass.

You will need to consider any previous gifts as well as capital gains tax, income tax, and your own income requirements before making any decisions regarding assets to be gifted.

Executors will claim this where available on the appropriate inheritance tax form.

It isn’t always guaranteed that APR will be available. The business structure and assets will need to be carefully reviewed and considered.

Is it time to review your Will and your potential inheritance tax liability?

Personal circumstances and legislation change over time. It’s crucial to review both your Will and your potential inheritance tax liability regularly, in order to see whether there are any tax planning opportunities available.

Have questions or not quite ready for a review?