Inheritance Tax and Estate Planning
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.
Passing on your estate to your chosen beneficiaries requires advanced planning.
Having accumulated wealth through our working life we need to reflect on how this will be shared with HM Revenue & Customs after our death. We provide specific advice on how to reduce any liability through the use of:
- Will planning
- Lifetime gifts to individuals
- The use of Trusts
- Allowances and exemptions applying to specific assets
Few of us like to think about dying, but equally few of us could live with the thought that we have not made adequate provision for family and friends who survive us.Passing on your estate to your chosen beneficiaries requires advanced planning. We will discuss with you your plans and help you to identify what course of action you could take in order that they can be met. Since none of us knows when we will die, this means making the necessary provisions now.
The earlier you make the arrangements, the greater your chance of taking full advantage of the tax opportunities available and thereby
It is equally important when planning to transfer your estate that you make adequate provision for yourself and your spouse or yourself and your civil partner in your later years. Striking this balance calls for considerable skill and foresight – and
Our Estate planning team is led by Paul Short and assisted by Lucy
- Reviewing your will
- Making full use of exemptions and lower tax rates on lifetime transfers
Optimisinglifetime transfers between spouses
- Transferring agricultural or business property
- Should you create
- Transferring assets into
- Arranging adequate life assurance to cover potential inheritance tax liabilities
- Should you consider the purchase of a
specialisedinvestment to reduce IHT?
Inheritance Tax Planning 2020/21
Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate may be a wise way to spend it.
Benjamin Franklin observed there are only two certainties in life: death and taxes, and nothing marries the two together quite like inheritance tax.
It may have a bad reputation, but as we explore below, paying inheritance tax is far from being a certainty in the UK in 2020.
If you would like to know more about our Inheritance Tax Services, please contact us today.
Meet the experts
What’s changing for the new tax year?
Inheritance Tax is charged on the value of assets and two important reliefs are available in the form of Business Property Relief (BPR) and Agricultural Property Relief (APR) which provide an exemption at either 100% or 50% on qualifying assets. Business Property...
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