Taxation Services
Inheritance Tax Planning
Planning to minimise your liability to IHT is a team effort and the sooner you enlist the help of our professional advisers the easier it is to ensure your long-term objectives.
IHT is currently payable where a person's wealth is in excess of £285,000 (2006/07). Thus if you own your own house and have some savings, life assurance policies or business assets, your estate could be liable.
You must think about
- Reviewing your estate planning strategy. Look at your family's future needs and your own financial security. Look at the value of your assets now and how this may change as time goes by.
- Reviewing your will on a regular basis.
- Consideration of lifetime gifts to individuals or trusts - remember gifts to spouses are exempt.
- Maximising business property relief and agricultural property relief.
- Life assurance policies that can be used as a way of making gifts to beneficiaries, and also to build up sufficient money to pay any IHT that may eventually become due.
The full rate of tax payable on a person's wealth in excess of £285,000 is currently 40% so early planning is essential in order to reduce any IHT liability.
To complement our taxation services our in-house Independent Financial Consultants work closely with our Tax experts to provide you with strategies and products to help you maximise your wealth.