Inheritance Tax Planning

Inheritance tax is often described as a voluntary tax – and with good reason.

A little planning can go a long way to reducing your tax bill. Taking action early means that more of your money will go to your beneficiaries and less to the taxman.

But inheritance tax planning isn’t just about reducing your tax bill. It’s about ensuring your money ends up with the people you want, for the reasons you choose.

Free inheritance tax consultation

We’re offering a free inheritance tax consultation which will look at your overall situation and provide some practical steps for how to reduce your inheritance tax liability.

>>> Schedule Free Inheritance Tax Consultation <<<

What is inheritance tax?

Inheritance tax is the tax paid when you pass your estate onto someone else. It is most commonly paid on death, but can also be paid if you make gifts during your lifetime.

Your estate is the combination of your worldwide property, savings, investments and other assets. Estate values can be reduced in many situations, due to tax-free allowances as well as exemptions and reliefs.

The current Inheritance Tax rate in the UK is 40% of your taxable estate.

How to reduce your inheritance tax bill

There are some simple steps you can take to reduce your bill tax. These include:

   Making a Will

   Making Gifts

   Using your Allowances

   Using Your Exemptions

   Setting up a Trust

   Investing Tax-efficiently

   Spending More

Your inheritance tax allowances

Everybody is entitled to a ‘Nil Rate Band’ of £325,000. This allows you to pass on assets up to £325,000 without inheritance tax being charged.

There is also the ‘Residence Nil Rate Band’ of £175,000. This allows you to pass on your family home up to £175,000 to direct descendants (such as children or grandchildren) before inheritance tax is charged.

Combined, each person has an allowance of £500,000 that can be used to reduce the value of their estate.

Free inheritance tax guide

We’ve put together the Simple Guide to Inheritance Tax, helping you to reduce your tax bill and make sure your money ends up with the people you want.

This guide gives you everything you need to know and everything you need to do to reduce your tax bill.

Free Inheritance Tax Guide

Contact us

Want to know more? Drop us a line.