Inheritance Tax Planning
What is Inheritance Tax?
Inheritance Tax (IHT) is often quoted as the tax that can be avoided with careful planning. For some that may be true but as some of that planning may involve gifting the assets away from your control or into a trust it is not necessarily for everyone.
And as with all planning it is best to start in good time rather than leave matters to the last minute, as that will leave open more options for consideration.
We will start by understanding your assets and plans for these and then calculate any potential liability that may arise. Often, with available reliefs (Business/Agricultural Property relief, for example), the perceived value of IHT can be greatly reduced and then with further discussion and planning other steps to mitigate or even insure against a liability can ensure that you are able to maximise the value of your Estate for your family.
Regular review is important as matters change, but as tax rates are 40% on chargeable assets it is certainly time well spent.