Inheritance tax (IHT)

Inheritance Tax affects many people and is an area of tax that requires constant review, even if you have already made plans. Our tax advisors can help ensure the wealth you create benefits not only you, but those whom you would wish to pass it on to.  Planning for the future as early as possible is essential to minimise potentially significant Inheritance Tax liabilities.

Our specialist tax team can assist you with Inheritance Tax planning. This can be part of an overall tax planning strategy or to help plan how to pass on your wealth. This will mean your loved ones can make the most out of your assets, wealth and property.

Expert planning and tax advice are essential to make sure your estate is structured efficiently from an inheritance tax (IHT) point of view.  This is of particular importance if you also own a business or have foreign assets. Inheritance Tax can affect other areas of taxation including property, family wealth, probate and trusts.  As such a holistic approach to your tax planning will ensure that all areas are considered and comprehensive strategies are implemented. This will help to protect you and your assets. 

As part of any Inheritance Tax plan, having an up to date will is essential. Making sure this is regularly reviewed is also essential. We can advise on the tax implications of any wills.

Our expert tax team can review your current situation and put in place a comprehensive Inheritance Tax strategy. We can also liaise with our trusted specialist partners. These include lawyers and independent financial advisors to ensure you are covered for every eventuality. We regularly advise clients on the following areas:

• Inheritance Tax planning and estate planning

• Transferring tax-free allowances to spouses 

• International and non-domicile inheritance tax

• International tax thresholds for unmarried couples

• Inheritance tax return filing

• Lifetime gifts and potentially exempt transfers (PETs)

• Charitable donations

• Setting up Trusts and transferring assets

• Transferring a business (this can include shares in a family company) or transferring agricultural property

• Appealing Inheritance Tax decisions with HMRC or at Tax Tribunal

• Ensuring wills are structured in a tax efficient manner 

• Advising on utilising exemptions and lower tax rates on lifetime transfers of assets (which includes transfers between spouses)