Planning for the future tax liability of your estate is essential if you wish to ensure your beneficiaries pay as little inheritance tax as possible at the time.
Tax is currently charged at 40% on estates worth more than £325,000 and rises in property values in the last 20 years means that even those with relatively modest homes may fall into the inheritance tax (IHT) bracket.
We work closely with our clients to develop strategies that will make the most tax efficient use of your estate. Planning needs to be implemented sensitively as Inheritance Tax is only one of the considerations when planning to pass your wealth and/or business interests to your family. Succession issues and family arrangements often take priority – this is an emotional issue and planning with a tax expert can help you also address the practical side.
It is likely that implementing a strategy will involve revising wills, and may utilise trusts if appropriate. There are also a number of tax products and tax efficient investments which can be used to mitigate inheritance tax. We believe that our client’s interests are best served by the complementary expertise of both a lawyer and a tax expert, therefore we work closely with your lawyers or if necessary introduce lawyers suited to clients and the nature of the work.
Whether you are a UK individual looking to order your affairs tax efficiently, or an overseas individual with property in the UK, working with Incisive Accounting on your Inheritance Tax Planning will ensure that the tax liability of your estate upon your demise is achieved in the most efficient way.
IHT planning cannot be looked at in isolation. All our suggested strategies take account of the interaction with other taxes both domestic and overseas as appropriate.
If you would like to talk to one of our experts about Inheritance Tax Planning please do give us a call on 0203 995 0001.