Inheritance Tax (IHT)

Inheritance tax (IHT) can be payable on certain lifetime gifts and transfers, by estates on the death of individuals and by trustees, depending on particular circumstances.

IHT is currently payable on an individual’s death at 40% (!!) on the value of assets owned on death after first deducting the “nil rate band”. There are a variety of ways to plan to reduce or eliminate IHT altogether, and many associated issues to consider:

• The use of Potentially Exempt Transfers (PETS) and implications of making gifts with reservation of benefit
• The use of available exemptions such as the annual exemption and weddings/small gifts exemptions
• The impact of the UK’s intestacy laws
• Tax-efficient Will planning
• Tax-efficient Trust and “generation skipping” planning
• Treatment of assets eligible for Agricultural/Business Property Reliefs
• Preparation/filing of Inheritance Tax Returns
• Calculation of Inheritance Tax liabilities for estates and trusts
• Use of nil rate bands on death of both spouses
• Deeds of arrangement to alter the terms of Wills following death
• Use of life insurance policies held on trust
• Cross border/treaty estate and gift planning
• The implications of the Pre-owned assets rules

 
If you would like to talk to us about inheritance tax, please do not hesitate to visit our contact us page or call us on 01962 856 990