Inheritance Tax & Trusts

Inheritance Tax is concerning for many people but with the right planning and advice it can be greatly reduced or even eliminated, enabling your family to gain a larger share of your estate.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


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How to plan for inheritance tax?

If your assets exceed £325,000 (including gifts made during the last 7 years), the remainder of your estate could be subject to 40% inheritance tax.

It's important to evaluate all of your options and ensure that the plan you have will be effective and recognised by HMRC. The best way to ensure this is to gain professional advice.

If you sought professional advice a long time ago it is often worth reviewing your arrangements to ensure the tax strategy you have in place is still appropriate for your current and future circumstances. An ideal time to assess your tax planning arrangements is at the end of each tax year or when there has been a substantial change to your financial position.
 

Main Residence nil rate band (RNRB)


More people are becoming affected by inheritance tax as property prices increase, in response to this, the government introduced an additional threshold known as the Residence Nil Rate Band.

Find out how the Residence Nil Rate Band Works here

Gift Allowance


Small gifts made from your normal income such as Christmas or birthday presents are “exempt” from inheritance tax. However, the recipients of gifts will be charged Inheritance Tax if you give away more than £325,000 in the 7 years before your death.

Find out more about the gift allowance here

Where there's a Will ...



Too many people delay making a will until it is too late.  We are able to help you make this as painless an experience as possible.  With our detailed knowledge of tax planning, we are able to liaise with legal professionals to ensure that your will is written effectively to protect your assets and save inheritance tax.

If you would like to discuss the best ways of organising your family finances for the long-term, including mitigation of any tax effects, please contact Duncan Gardner, Lesley Cook or Paula Parry or call us on 023 9248 4356.

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