Inheritance Tax Planning

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Taxpayers in the UK can be subject to Inheritance Tax (IHT) of up to 40 per cent depending on their circumstances.

Although most taxpayers benefit from the £325,000 tax-free allowance known as the Nil-Rate Band (NRB) and an additional £175,000 tax-free allowance from the Residence Nil-Rate Band (RNRB) if their main property is passed to direct family, a surprising number of families are still required to pay IHT.

In fact, the latest figures show that the average IHT bill is now around £210,000.

This is because rising property values are forcing many families, who may once have avoided this tax, above these allowances.

To reduce the chance of your estate being subject to IHT, we can:

  • Conduct a review of your Will
  • Provide assistance setting up and managing family companies and trusts
  • Securing the RNRB for your main residence
  • Assist with business or agricultural property relief
  • Offer advice on gifting and charitable donations.

Tax planning around IHT is often time-sensitive and can rely on assets being passed on many years before a person’s death.

If you would like us to help you manage your estate or review existing plans or trusts, please speak to our team.