Estate & Inheritance Tax Planning

What is Estate Planning and Inheritance Tax Planning?
Inheritance tax is a charge of 40% applied to the value of an estate on death that is in excess of the “nil rate band” (currently £325,000 for 2016/17). An estate value is made up of assets such as cash, property, investments, gifts and trusts set up within 7 years before the settlor passes away.

An inheritance tax bill is payable within 6 months of passing away and is paid by either the executors or personal representatives.

Rules introduced in 2007 meant that married couples are not liable for IHT on the first death. At the point of the first death the estate can be passed across to the spouse and both “nil rate bands” can then be used at the time of the second death (joint nil rate band being available. This would currently amount to £650,000 – 2 x £325,000). The IHT allowance has been at £325,000 since 2009.

Our advice, is ‘get some advice’ as this area is complex and each situation will have its own tax mitigation opportunities.

Impending updates to HMRC legislation on Inheritance Tax:
Additional nil rate band when a RESIDENCE is passed to a DIRECT descendant on death (Child, step adopted, fostered or blood and lineal )

Then increases in line with CPI, this additional benefit will be gradually withdrawn for estates in excess of £2 million and the increases relate to passing property on.

We work closely with specialists of The Society of Trust & Estate Practitioners and The Law Society along with our financial planning service models to provide a full estate planning service.

Who is likely to need Inheritance tax planning?
Anyone who currently has an estate with a value in excess of the £325,000 threshold or who is already close to the threshold. This includes property. For couples the threshold can be doubled to £650,000.

What we offer
We are independent Financial advisers who are able to support you with products, systems and information that will support your inheritance tax planning journey.

Why choose us for your inheritance tax planning?
We will work with you and other specialists such as accountants and solicitors to combine our expertise and produce valuable tax planning solution. Our wealth management proposition will bing you inline with the right consultants as you build your team – See more information on how we operate the modern day family office.

What to do next
Make provisions now before it is too late. Call us on 01992 503 410

Speak to us, request a call back

To arrange a consultation or speak to an adviser, please fill in the web form or contact us on our office details below.

We look forward to hearing from you.

Ben Whatnall

Independent Financial Adviser

Find out more about our founder and principal adviser Benjamin Whatnall with over 12 years experience as an adviser.