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Inheritance Tax 

Inheritance Tax (IHT) is known as a trust  which everyone wishes they had planned for and reduced but are unknown of the problems which are involved around this tax. 

As a standard each individual will have a tax free allowance on their death for the cost of £325,000 and it is known as a Nil Rate Band (NRB). If your property costs more than this price then the excess will be taxed at 40% and disposal of assets which is seven years preceding to death will be responsible to IHT. 

With secure planning we will be able to help you reduce the impact of IHT and try to avoid it altogether to help increase your tax allowance. Making a  Will is a good starting point and with trusts and gifting this could help decrease IHT.

We are able to give advice on tools such as:

  • Trusts
  • Gifts
  • Using the family home
  • Tax Efficient investments
  • Trust overseas

Your estate for inheritance tax purposes includes:

  • Your possessions
  • Investments 
  • Assets overseas 
  • Bank and building society accounts 
  • Your home and other properties you own

Within estate planning, there are different ways our inheritance tax professionals will be able to help you to secure your finances to decrease the tax which is payable after your death. 

For example you can have your life insurance policy be paid out into a trust rather then having your estate. Some people will find that their life insurance is not written into a trust, so therefore rather then the problem being solved it is more likely to become a problem. To help reduce tax burden you can donate a part of your estate to a charity in the UK  or leave any legacy wills.