Inheritance tax planning

Minimising your inheritance tax liabilities

MGI Midgley Snelling LLP can help you take full advantage of the tax opportunities available to ensure your loved ones are adequately provided for after your death, making a huge difference to their financial security and your peace of mind.

While we can minimise your inheritance tax liabilities through effective planning, this can only be achieved on an individual, bespoke basis. This will enable us to fully understand your circumstances, including the size and value of your estate, the nature of the assets owned, any available income for lifetime distribution and your willingness to use this to make gifts before your death.

Some of the planning opportunities available are:

  • Creating excluded property for those who are not domiciled in the UK
  • Transferring wealth between spouses and civil partners
  • Using the personal annual £3,000 exemption
  • Making unlimited small gifts of up to £250 per person a year
  • Utilising the £325,000 Nil Rate Band efficiently, together with the Residence Nil Rate Band of £175,000 for direct descendants (which can be transferred to a surviving spouse or civil partner)
  • Giving gifts out of income and in consideration of marriage/civil partnerships
  • Investing in assets qualifying for business or agricultural property relief
  • Using a discounted gift trust
  • Making gifts to charities, political parties or for national enjoyment

Should your beneficiaries need to achieve further tax savings after your death, we can advise on deeds of variation, which will alter the way that the assets from your estate are distributed.

MGI Midgley Snelling LLP can also administer your estate, drafting the required accounts and liaising with HM Revenue & Customs. We will also complete all the necessary tax forms and minimise the amount payable, if possible.

To make it easier for the executors to collect together all the details required to manage your affairs, we have prepared a booklet which sets out the essential information required in the event of your death. We hope this will remove some of the pain and anguish at what is already a very difficult time.

If you would like to know more about our inheritance tax services, please contact us.

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