Inheritance Tax Planning
Inheritance Tax (IHT) is levied on individual estates that exceed £325,000, or £650,000 if you are married. However, with careful planning, it can be reduced or avoided completely, which is why it is often called a ‘voluntary tax’.
There are many different routes to reducing your IHT bill, which include gifts, charitable donations, creation of trusts and investing in tax exempt vehicles. No one single route will be right for everyone, future legislation could remove the value of planning – so it is always wise to utilise various routes to reduce the risk to your finances.
It is also vital to ensure your will is up to date, as there is little point in tax planning before succession planning has been addressed. We will be happy to work with your legal advisers in creating IHT mitigation plans, or alternately we can recommend a solicitor who specialises in such areas.
To arrange a free initial consultation to identify and reduce your IHT liability, simply call us on 01268 749880 or click here.