Inheritance Tax

Today, even modest estates will be affected by IHT but the well-advised can take steps to significantly reduce the liability or even remove it altogether. The trick is to plan well in advance.

Few taxes are more disliked than inheritance tax (IHT)

People perceive paying taxes on cash and assets generated from already taxed income to be unfair and, unless you take some well-considered advice, HMRC could end up being the major beneficiary of your hard work rather than family and loved ones.

Although people mainly think of IHT as a tax on death it can also be payable during your lifetime. You need to think about IHT if you are undertaking any transaction which involves a gift. IHT can also be payable when you make transfers into most trusts.

IHT does not just affect those with large estates. Without the right planning, you could end up passing on just 60% of your wealth to your loved ones. They might even need to sell assets to pay the IHT bill, which can be particularly upsetting if that asset is the family business, or a much-loved family home.

A well-drafted and up to date will is essential to make sure the right individuals benefit from your estate, and that any relevant reliefs can be claimed.

IHT planning can include advice on:

  • Gifting
  • Trusts 
  • Whole of life insurance
  • Investments that attract business property relief (BPR)

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“Aimee calmly dealt with my concerns but didn’t put me under pressure to do ‘the right thing’. What she did do was enable me to see things more rationally and enable me to make my own mind up.”
Jane Taylor, Dorset
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