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Inheritance Tax (IHT)
IHT is a tax on gifts made by individuals either during their lifetime or on their death. It also applies to Trusts, where there are special rules. HMRC are estimated to have raised over £4 billion from IHT in the last tax year. It is a significant tax and planning to avoid or reduce it is essential.
There are a number of exemptions available to individuals including: -
- Gifts to Spouses
- Annual Exemptions
- Normal expenditure out of income
- Potentially Exempt Transfers (PETS)
Bespoke IHT planning can make a substantial difference to the amount of tax that your family may be faced with paying in the long term.
Our team is very experienced in advising clients on IHT planning. This includes familiarity with simple one off planning steps as well as complex arrangements involving substantial assets. We can provide a plan for the long term or offer advice concerning immediate planning.
Our approach is built around understanding you our client's circumstances and needs. We believe the IHT planing is very important but provided it is undertaken in conjunction with our clients underlying aims and objectives.
