Inheritance Tax Planning
What is Inheritance Tax?
In the UK (2024-2025) the inheritance tax threshold is £325,000. Everything over that is taxed at 40%.
Factors to consider when Inheritance Tax planning
There are lots of factors to consider when calculating the tax bill, trying to reduce, or remove any potential tax bill. These include:
- gifts to charity.
- leaving assets to a spouse.
- assessing if any assets are covered by “Business Relief” or “Agricultural Relief” and whether this relief can be maximised.
- Reviewing the availability of the “Residence Nil Rate Band” if you intend to leave your residence to your children.
- Reviewing any Transferrable Inheritance Tax thresholds from the death of a previous spouse.
- Reviewing the position with lifetime trusts and joint property. These may involve updating or amending your Will, reviewing what types of assets you own, making lifetime gifts or getting married.
Advice should be regularly taken to ensure your inheritance tax liability can be calculated and potentially reduced or removed altogether.
What I offer
I have over 20 years’ experience advising on inheritance tax. I can guide you through the process giving you the pros and cons of each option with not only sound legal advice, but pragmatic solutions based on my wealth of experience.
I may also need to refer you to a financial adviser to provide a free initial consultation as part of this process.
Feel free to call me on 07918 893175 for further information or if you would like to discuss your circumstances. Alternatively, you can email your query to james@jpwinfield.co.uk or through my contact page.
