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Inheritance Tax Planning (IHT) is a tax on the transfer of assets that you’ve built up and then pass on to others. This may be during your lifetime in the form of a gift or, when you die. Most often, the most valuable asset you have is your own home and understanding what IHT is and how it may affect you, whether you make a lifetime gift or, whether IHT will be due after your death.
Inheritance Tax (IHT)
- We suggest seeking advice before making any gifts or taking any actions towards planning your estate etc.
- We offer various products that enable you to maintain the control of your estate.
- Our team can assist you to reduce IHT, whilst maximising the assets you pass on to those important to you.
- Making a Will is an important step in planning your estate. According to your wishes, assets are distributed but not having a Will in place, your assets will be subject to intestacy laws and may attract IHT liability, not to mention your estate being divided in a way you wouldn’t want.
- We explore ways to reduce your tax liability.
- Gifting may diminish the value of your estate as some lifetime gifts may attract IHT. If gifts are made in your lifetime and you survive for seven years after making the gift, their value won’t be counted as part of your estate on death and will be exempt from IHT.
- While the tax liability will not be lowered, the proceeds from this tax-free sum could be used to help cover the cost of the bill.
- It can help you reduce or even eliminate the tax liability and allow you to determine how your assets are used by future generations.
- IHT can be extremely complex, our team and partners are here to help you find the best solutions tailored to your individual circumstances. Reducing tax fees whilst maximising the proceeds you pass onto those important to you.
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Frequently Asked Questions
IHT is a tax payable by a person who inherits a deceased person’s assets. This includes money, savings, property and other effects.
The standard inheritance tax rate is 40%. But this is applied on the value above the threshold amount. Other situations can alter these thresholds so please get in touch if you have any questions about inheritance tax and what it might mean for you.
Generally, the inheritance tax fee must be paid to the HMRC within six months of death. This gives time to evaluate all assets and to sell items such as property. Your will’s executors are responsible for paying any tax due before distributing the rest of the estate.
The sellable value of your estate’s assets (known as the open market value) is used to determine whether any Inheritance Tax is due and how much. They can be sold on the open market for this. Sometimes a given asset’s worth could be the subject of discussion and negotiation between the executors and the state.
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