Inheritance Tax Planning
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Getting a will drawn up is not a luxury; it´s essential. If you already have a will, how much consideration was given to the tax implications for your estate when it was drawn up?
We are sure you will agree that it is of paramount importance that 40% of your life´s work is not passed unnecessarily to the Inland Revenue in the form of Inheritance Tax (“IHT”).
IHT has traditionally been a tax affecting a relatively small proportion of the UK population, but continued appreciation in house prices has over time dragged an ever increasing number of people into the inheritance tax net. Currently, the tax applies to all estates over £312,000 in value and is levied at 40%.
IHT Planning involves a detailed understanding of the various exemptions and reliefs, all of which can make a huge difference to your IHT position. For many, the steps which need to be taken are relatively simple, yet effective. For larger estates, more complex planning can shelter specific assets from IHT, and your investments can be managed to benefit from IHT reliefs. Trusts are a valuable tool, but must be carefully drafted to ensure they meet your particular needs.
Good IHT planning can also ensure that your business passes down to the next generation intact, and in the way you want. At the same time, it can maintain the business's entitlement to agricultural or business property relief.
Our service covers:
- Tax planning for efficient wills
- Trusts
- Insurance based arrangements
- Post-death planning
- Domicile
- Reliefs & exemptions
What can Haslers do for you?
We have experience of providing a complete range of advice to individuals and can offer a comprehensive review of your affairs to ensure that the maximum amount of wealth is passed on to your beneficiaries.
We can help you ensure that:
- Your will is drawn up in the most tax efficient manner and that your wishes are met
- As an individual you are financially secure whilst at the same time mitigating the impact of inheritance tax on your estate
- You balance your own requirements for income with planning for Inheritance Tax purposes
- You take advantage of the current liberal regime for Inheritance tax through lifetime planning
For more information please contact our Tax Partner, Clare Munro.
Related News
30/3/2010 - Inheritance tax nil rate band frozen
8/12/2009 - Pre-Budget Report 2009
7/7/2009 - Minimising Inheritance Tax on Family Firms
