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Inheritance Tax (IHT)

Inheritance Tax (IHT)

Inheritance tax is often referred to in the media but is not widely understood. Rising property values and markets has meant more estates than ever before are going to be subject to an inheritance tax charge with HMRC collecting £5.4 billion in 2018-19 which means approximately £13 billion assets fell within taxable estates. One legacy you don’t want to leave is a tax liability.

The much mooted £1M threshold for inheritance tax for couples is often not applicable, a fact which is not fully appreciated due to the detail of the “residence nil-rate band”. The good news is there are various ways in which you can minimise and even eliminate a potential inheritance liability, indeed, it has been said it is a voluntary tax.

The “pension freedoms” of 2015 have made pensions attractive for inheritance tax planning but also brings with them important considerations to be made – existing planning will need to be reconsidered in this new context.

Effective planning incorporates legal, financial and taxation issues, therefore a multi-faceted approach is required. Castlegate, in conjunction with Duncan & Toplis Chartered accountants and Duncan and Toplis probate services can provide an integrated approach, allowing “joined up” thinking. This means you will benefit from a simplified, co-ordinated and holistic help from a team of well qualified and experienced specialists.

For an initial consultation, at our cost, to establish how we could help you please contact us to arrange an appointment.

Help is at hand.

INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.

THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE INHERITANCE TAX PLANNING, TAXATION & TRUST ADVICE.

TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.

Speak to an adviser

To find out more about inheritance tax, speak to an adviser today on 01476 591022 or book a consultation below.