Inheritance Tax Planning

Inheritance Tax is a capital tax payable on death, but Inheritance Tax may also be due on disposals or transfers during a persons lifetime. It is a separate tax from Capital Gains Tax and both taxes may become due on a disposal if careful planning is not done.

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The capital value of a person's assets less liabilities at the date of death is known as their "estate"

In fact Inheritance Tax is payable not only on the value of the estate at the date of death, but also on the value of any gifts or transfers by the deceased within the previous 7 years. In some cases gifts or transfers before the 7 year limit may also fall into charge to Inheritance Tax (e.g where "gifts with reservation of benefit" rules apply)

The rules are complex and there are many variations and exemptions. We can help to save Inheritance Tax with timely and appropriate specialist tax advice. For your free initial consultation, contact us now!

Inheritance Tax is potentially payable by all individuals where the value of their estate exceeds £325,000. This band is actually chargeable to Inheritance Tax but at a rate of 0%, so it is known as the "Nil Rate Band". Any assets over this £325,000 threshold are chargeable to Inheritance Tax at 40%.

The government have frozen this Nil Rate Band threshold at £325,000 for the next 4 years. This means more and more taxpayers may find their estates liable to Inheritance Tax as time goes on, as individual assets, or the size of your overall wealth may increase in value over time while the Nil Rate Band threshold is frozen at it's current level.

It is therefore even more important to consider Inheritance Tax planning now, particularly where a new business enterprise is being started that you expect to succeed in the short to medium term. Appropriate Tax planning at the outset can save a lot on unnecessary tax later - not only Inheritance Tax on death or transfer, but also potentially Capital Gains Tax on eventual full or partial disposal or sale. Remember, Business Inheritance Tax reliefs only apply so long as the asset held is a qualifying business asset - if converted into cash on sale, it becomes FULLY CHARGEABLE TO INHERITANCE TAX

Howtosavetax.org are specialist tax consultants. We can help reduce potential Inheritance Tax liabilities, enabling wealth protection, asset protection and ensuring your beneficiaries benefit both in the amount passed down, but also ensuring assets are distributed after your death in the manner of your choosing.

For your free initial consultation, please contact us here

Some Inheritance tax planning can be very straightforward, and many of these cases can be resolved simply by re-writing wills. Other cases may be more complex and may involve more bespoke tax planning arrangements to legitimately preserve the value of a person's estate for their intended beneficiaries.

Inheritance Tax Planning can often save tax even after someone has died! We have the tax expertise to help you pay less tax - call us now!

We are experienced specialist tax advisers. We can add help preserve wealth with pro-active tax planning. Arrange your free initial consultation now! You will be surprised at how much we can help - even in situations where a solution may not be immediately obvious.

What have you to lose? - contact us today for your free consultation!