Inheritance Tax Planning

Inheritance Tax and Estate Planning

Every year HMRC receives billions of pounds in Inheritance Tax payments. That is why good financial advice and early Estate Planning for passing on an inheritance and managing an Inheritance Tax bill is so important and can save a considerable amount of money.

Passing on your assets effectively

Many people want to maintain control when passing on their assets. They may want their money to be used for a particular reason, or they may just want to make sure their assets stay within their family. We can provide advice to ensure your money ends up with the people you want, for the purposes you choose.

Estate planning to reduce an Inheritance Tax bill

There are several ways to manage or reduce an Inheritance Tax bill.  This is called Estate Planning. Estate planning involves passing on wealth to the people that matter in the most tax efficient way.

Everybody has a personal allowance for Inheritance Tax – this is called the nil rate band. The nil rate band is currently £325,000 per person and will remain at this amount until April 2021.

Inheritance Tax is usually charged at 40% on any part of your estate valued above your nil rate band. This can be a substantial sum, so the potential savings of good Estate planning advice are considerable.  Taking action early often means more of your money going to your beneficiaries and less to the taxman.

Inheritance Tax advice

We can help you to pass on assets in the most tax efficient way, and work with you to eliminate reduce or manage an Inheritance Tax bill. Common options are:

  • Making gifts

  • Taking out a life insurance policy to cover the tax bill

  • Using tax-efficient investments to benefit from Business Property Relief (BPR)