Inheritance Tax Planning

You’ve worked to build up your wealth. But now it could be a good time to make plans so your loved ones can get the most from the estate you intend to leave behind.

Our Inheritance Tax advice and planning is there to help you get ready ahead of time. Making the right moves early could help you reduce the tax bill on the money and property you provide for the people who mean the most.

Inheritance Tax doesn’t just affect the wealthy. Your estate is made up of more than just your home; from property to savings, to cars and antiques. If all these assets have a combined value of more than £325,000, your estate may be liable to foot the bill.

We’ve been helping people plan their financial futures for over 30 years. Our expert advisors can support you in creating a solution that works for you.

We could help sort your assets, calculate how much tax your estate is likely to pay and maybe help reduce the potential liability.

Our team of financial advisors could talk about you and your loved ones needs before creating a unique financial plan. After that no-obligation plan is created, we’ll work with you to decide how much help you need putting this into action.

If you’re not sure how much your estate might have to pay or how you could reduce it, we can help.

Inheritance Tax thresholds

The current threshold for paying Inheritance Tax is £325,000. However, if you’re giving your home away to children or grandchildren, you may qualify for the residence nil-rate band. That means your threshold increases by a further £175,000. It’s always worth checking with a expert adviser to see if you’re eligible for the residence nil-rate band.

If you’re in a couple, you’ll each get the £325,000 allowance, plus the increased threshold if applicable. So your combined allowance could reach £1,000,000.

Inheritance Tax gifting

Giving parts of your estate to people as gifts before you die can help ease the tax bill on their inheritance. But there are some rules you need to abide by. For instance, gifts to your spouse, gifts under £250, donations to qualifying charities and wedding gifts are usually exempt, but there are exceptions. For assets that aren’t exempt, you may need to give your gifts at least 7 years before you die.

Next Steps

If you’re thinking about Inheritance Tax planning, or you’d like to know more, we can have a no obligation conversation to discuss your options. Request a call back to discuss your options.