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Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities.

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Inheritance Tax (IHT) Planning

Have you considered taking steps to reduce your potential IHT liabilities that may become payable when you die ?

If you do, then please read on…

Estate planning can only be considered for you on an individual, one to one basis. Your particular requirements and background circumstances must be appraised and fully understood before work is started.

Factors to take into account include:-

The size and value of your estate, and if applicable, your spouse’s or civil partner’s estate
The nature of your assets owned
Possible interaction with other taxes
Your available spare income for lifetime distribution and
Your willingness to make gifts without any reservation, before death

Planning opportunities could involve making use of the following:-

Creation of excluded property exempt from IHT assessment (this can only be arranged for clients who are not domiciled in UK for IHT purposes)
Transfers of wealth between spouses and civil partners
Using the personal annual £3,000 exemption per annum
Small gifts – making unlimited small gifts of up to £250 per person a year
Using the Nil Rate Band – (currently £325,000) efficiently
Using the residual portion of the Nil Rate Band of a pre-deceased spouse or civil partner for offset against the taxable estate of the surviving spouse or civil partner
Gifts out of income
Gifts in consideration of marriage or civil partnerships
Investing in assets qualifying for either business or agricultural property relief from IHT
Using the discounted gift trust option to reduce the value of a taxable estate
Gifts to charities and political parties
Gifts made for national enjoyment

If you would like your financial affairs to be reviewed by us to possibly save IHT, then please get in touch with either Peter Bond or your normal partner contact.

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