We provide a range of solutions and tailored advice to help you preserve your wealth for the benefit of your loved ones.
Inheritance Tax Planning
After paying tax throughout our lives, it can be disappointing to know that our loved ones will also be taxed on the wealth we’ve accumulated within our estate.
Thankfully, there are a number of things we can do to mitigate inheritance tax, provided we plan ahead.
Flexible Discretionary Trusts are an ideal solution for saving inheritance and have become increasingly popular in recent years. In addition to inheritance tax savings, they provide tax-efficient growth, access, control and flexibility.
Effectively, they offer the best of both worlds: access to your money if you need it during your lifetime, and protection from inheritance tax if you don’t.
Our guide to Inheritance Tax and Trusts explains the options available for passing on more of your wealth to your loved ones.
You can download your free copy by clicking on the link below:
About Inheritance Tax
Inheritance tax is a tax on the total value of your estate upon death (including property, pensions, savings, investments and other assets).
Tax is only payable on estates with a value above the inheritance tax threshold. This threshold is subject to personal circumstances and can include the following:
The Nil Rate Band: Currently £325,000 and set to remain fixed at this level until April 2030.
The Residence Nil Rate Band: Currently set at £175,000 for those who own their main residence and who will pass it on to their children/grandchildren
For married couples, the surviving spouse can inherit their spouse’s Nil Rate Bands, effectively ‘doubling up’ their total inheritance tax threshold to a maximum of £1m.
Any excess above the threshold, will be liable to inheritance tax, currently at a rate of 40%.
How You Can Avoid Inheritance Tax
There are many ways to reduce or avoid inheritance tax altogether if you plan in advance:
Make gifts to family
and loved ones
Take out a life assurance
policy to cover the tax bill
Shelter assets within tax-
efficient investments
Utilise Business Relief
/ Replacement Relief
How We Can Help
As each person’s situation is unique, a bespoke service is required. We will take the time to understand you, your plans and hopes for the future as well as any concerns you may have.
Then we’ll review your exposure to inheritance tax and to what extent it can be mitigated.
Once we’ve considered all available options, we’ll provide you with clear and sound advice to help you pass on more of your wealth on to your loved ones. We will:
Help you to use all available reliefs and allowances
Work with you to create a personalised plan
Consider all options available to you
Recommend only cost-effective solutions
Keep your tax planning on track with ongoing reviews
Inheritance Tax Planning Service
Our Inheritance Tax Planning Service can help you to reduce your exposure to or avoid inheritance tax altogether. We will:
Meet with you to discuss your needs and answer any questions you may have
Gather all relevant information to assess your exposure to inheritance tax
Consider a wide range of inheritance tax mitigation strategies
Provide you with a detailed report including your options and our recommendations
Meet with you again to discuss our findings and answer any further questions you may have
Provide you with practical information and advice throughout
Contact Us
For help with your inheritance tax planning, please contact us for an initial consultation.
Tax Planning Solutions
London: 0203 633 5682
Chelmsford: 01245 526328
info@taxplanningsolutions.co.uk
85 Great Portland Street, London W1W 7LT
Serving clients across Essex, London and the South East
