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Our experts can identify the best tax structures to preserve your wealth
Inheritance tax planning involves taking steps to minimise the amount of tax that may be due on the transfer of assets to your heirs after your death.
This can be done by various means, including making gifts, creating trusts, using exemptions, allowances and available reliefs, and creating complex wills. By planning ahead, you can ensure that your assets are passed on to your loved ones in the most tax-efficient way possible and potentially reduce the tax burden on your estate.
Inheritance tax (IHT) is a tax paid on the estate of a person who has died, including all assets like property, money, investments and possessions. It can also be payable if you undertake trust planning during your lifetime.
In the UK, the threshold for paying inheritance tax on the estate left by the deceased person is £325,000. If the estate is worth less than this, there’s no IHT to pay. If the estate is worth more than this, IHT will be due at the rate of 40% on the amount exceeding the threshold. There are certain exemptions and reliefs that may be available to reduce IHT liability, which is why it’s important to discuss your circumstances with professionals.
In the UK, the nil rate band threshold for paying inheritance tax on the estate left by the deceased person is £325,000. There is an additional residence nil rate band threshold available to qualifying estates which pass the family home to children and/or grandchildren. If the estate is worth less than the available thresholds factoring all gifts made by the deceased within the seven years immediately preceding their death, there’s no IHT to pay. If the estate is worth more than this, IHT will be due at the rate of 40% on the amount exceeding the threshold.
There are certain exemptions and reliefs that may be available to reduce an estate’s IHT liability; some of which will happen automatically, while others need to be incorporated into your estate and financial planning. This is why it’s important to discuss your circumstances with professionals; the sooner you review your circumstances the more options you will likely have to save against, or be able to better manage, your eventual IHT.
If you are worried about leaving a large IHT bill for your loved ones, Price Slater Gawne can help you to decide which inheritance tax planning strategies are right for your individual and wider family circumstances.
Price Slater Gawne can offer expert help in navigating the complexities and intricacies of the UK tax system, identifying the best structures to preserve and protect your wealth. By getting to know you, your estate and your goals, we can get a clear idea of which tax planning strategies are right for you. From minimising your income tax to keeping a watchful eye on any capital gains, we will plan together, so you save money and don’t pay any more tax than is necessary.
Our specialist team is experienced in many different aspects of inheritance tax planning. If you would like to speak to a member of our team, please contact 03333 058375 or email WealthProtection@psg-law.co.uk.
Read our inheritance tax planning FAQs here.
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