Inheritance tax (IHT) planning

Inheritance tax (IHT) planning

When you have worked hard during your life, you want the wealth that you have built to benefit the people that are important to you when you are no longer around, rather than going to the tax man.

With inheritance tax (IHT) levied at 40 per cent on estates above a £325,000 threshold, more and more people are being pushed into the IHT bracket as a result of increasing property prices, aside from other personal or business assets, so working with experts on options to reduce future tax bills for your family is a wise investment.

Our IHT specialists will tailor IHT solutions to your needs and circumstances, drawing on their detailed knowledge of inheritance tax exemptions and reliefs.

Sometimes, simple IHT planning steps will be effective. For larger estates, more complex arrangements, which could involve setting up a trust, for example, may be necessary to shelter assets from IHT.

Whatever your circumstances and needs, we will develop an IHT planning solution that is right for you. Our services include:

  • IHT reliefs and exemptions
  • tax planning for efficient wills
  • trusts
  • insurance-based arrangements
  • post-death planning
  • domicile issues.

Inheritance Tax – So who is Rishi, and why might he be your favourite child?

It might surprise some people that the person who will benefit most from their estate, their favourite child as it were, is the tax man.

For example, for a married couple with an estate of £3,000,000 and three children (Archie, Beatrice and Charlie) the biggest beneficiary of their estate is their unofficial fourth children, Rishi Sunak, the Chancellor of the Exchequer.

 

In effect, Rishi receives £940,000 (the inheritance tax payable on their £3 million estate) compared to Archie, Beatrice and Charlie’s net inheritance of £686,666 each.

For more information on our inheritance tax planning services in East London and Essex, please contact us.

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Inheritance tax (IHT) planning