KEEPING YOUR WEALTH IN THE FAMILY
WHAT IS IHT?
Inheritance tax (IHT) is an additional charge on a transfer of value. This could include property, vehicles, personal assets and other assets that you have a beneficial interest in/hold.
Many people accumulate wealth throughout their lives to take care of themselves in later years/leave something for their children/wider family. It seems a bit unfair then that many families end up facing significant IHT bills from HMRC, if no planning is put in place this can mean up to 40% of these assets can end up being paid over to HMRC in additional taxes.
However, it is possible with careful consideration and IHT planning this additional tax can be avoided and remain with family members you expected to receive it in the first place.
HOW CAN I SAVE TAX?
It is certainly possible you can save a lot of tax by planning ahead and making use of tax planning services. In order to achieve this a number of aspects of your personal affairs need to be considered along with the various planning opportunities available, such as:
- PET’s (Potentially Exempt Transfers).
- Lifetime Transfers.
- Exempt legacies you may need to consider which will save you a lot of tax.
- Additional reliefs that are available.
- Use of Trusts.
- Your will/s are in place/up to date.
All of this needs to be carefully balanced with your requirements to maintain your existing life style.
WHAT CAN I DO NOW?
To put in place an effective strategy a full understanding of your personal financial circumstances and future life style requirements need to be understood, without this you could find although you have saved Inheritance Tax you could run out of money to meet your life style needs. If you would like an initial confidential discussion, please call and ask to speak to one of our specialist tax consultants or complete the form below and one of our senior tax adviser's will contact you.