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Inheritance Tax Planning

Inheritance tax (IHT) is not just a tax on the rich. At present the first £325,000 of your estate passes free of tax, but any value over this is subject to an IHT liability of 40%. Many of our clients find that their home alone ensures that their estate will need to pay IHT .

In most cases steps can be taken to reduce your estate’s liability, and these depend on your individual circumstances. They can be through your will, trusts or other mechanisms, and may, for example involve the following

• Use of gift allowances
• Use of specific exemptions
• Setting up one or more trusts, in lifetime or through a will
• Severance of joint tenancy

This list is not exhaustive and we also work closely with Independent Financial Advisors to achieve the best solutions for you in your lifetime and through your will.

It is important to realise that tax law changes every year and a method of saving tax now, may change in a few years time, or a new tax efficient scheme may be more appropriate. We advise on your specific needs, and recommend that these are regularly reviewed as the tax landscape changes.