Inheritance Tax Planning

Inheritance Tax Planning

Inheritance Tax is said to be the only voluntary tax in the UK. Implementing a plan for inheritance tax can significantly reduce or entirely remove liability for this tax.

Inheritance tax mitigation is an area which is best to plan for sooner rather than later. If the planning is left too late, the wealth we hope to pass on to our loved ones can be subject to tax of up to 40%. With a thorough review of your estate we can propose both short term and long term  strategies to mitigate your tax liability and help you pass on more wealth to your loved ones after you pass.


What triggers inheritance tax?
  • If an individuals estate on death plus any gifts in the previous seven years are worth more than £325,000 (includes everything) there will be an inheritance tax charge. The £325,000 band is for an individual so couples have a nil rate band of £650.000.
  • From 6th April 2017, an additional nil rate band will be slowly introduced, initially giving an additional £100,000 to set against the value of the family home IF this is left to the direct descendants.
  • If an individual has received any gifts and the donor dies within 7 years of the gift (gifts are usually only captured if over a value of £3,000 but this threshold is for the total gifts gifted by the donor so a gift of £2,000 could become chargeable if the donor also gifted £2,000 to someone else in the same tax year).


The benefits of inheritance tax planning:
  • You are able to pass on significantly more of your hard earned wealth to your loved ones after your passing
  • Most people are able to save tens of thousands of pounds through strategic planning from expert advice
  • The sooner you begin planning the more effective the tax mitigation can be
  • We can offer you an initial consultation at our expense, to discover how we might be able to help you moving forwards.

Start your inheritance tax planning today

The sooner you implement a strategic inheritance tax plan, the more effective the tax mitigation can be. Get in touch via our simple contact form. We're happy to give you an initial consultation at our expense.