Inheritance Tax Planning
Inheritance Tax and Estate Planning is part of our Wealth Planning Service and is designed to help you understand how Inheritance Tax (IHT) could affect the value of your estate and the inheritance you leave to your loved ones.
Many people want to pass on as much of their wealth as possible but are unaware of the impact IHT can have on their estate. With the standard rate currently at 40% on the value of an estate above the available allowances, it can create a significant tax liability for families at an already difficult time.
Our specialists can help you understand the options available and advise on appropriate estate planning strategies that may help reduce the amount of Inheritance Tax payable, giving you greater confidence that more of your wealth can be passed on to future generations.
Tax Treatment
Tax Treatment
Tax treatment depends on individual circumstances and is subject to change in the future.
What is Inheritance Tax and how much do I need to pay?
Inheritance Tax is a tax due on the total value of the estate of a UK citizen following their death. The estate includes property, money and possessions, which makes it critical to factor in any savings or investments you have when calculating estate value.
The IHT threshold is £325,000, a figure which has remained unchanged for many years.
While gifting can be a popular way to reduce the tax liability on the value of an estate, a tapered tax relief applies here, with gifts made under seven years before death receiving less tax relief than those made earlier.
As you can see, IHT is a complex tax matter with many considerations, and the most appropriate solution for managing it will depend on your personal circumstances and financial goals.
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What is unique about Inheritance Tax Planning?
We specialise in protecting family wealth and have many years of experience helping clients with IHT and Estate Planning.
Whether you need to structure your finances for optimal tax-efficiency, are seeking to benefit from tax relief through specialist investing schemes or require guidance on gifting, we can help.
We also have a number of specialisms under one roof, so in addition to providing access to a dedicated Tax and Trustee Services team, we can advise on suitable investments to help you mitigate IHT and support you in developing a comprehensive financial plan.
How our Inheritance Tax Planning Service works
We will start with a conversation to understand your requirements, asking appropriate questions to ensure we know how you would like to manage your wealth and who you would like to benefit from it.
Once we have gained a detailed understanding of your requirements, we will provide a proposal for structuring your finances, including any investments discussed and gifts you have advised you would like to make.
Finally, when you agree with the proposal or an amended version, we will work with you to put your plan in place, advising and supporting you every step of the way.
Your Adviser will remain your main point of contact, with our Tax and Trustee Services team contacting you directly if they require further information.
We have a series of complimentary financial "How to" Guides...
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Sign up to receive the latest news from Killik & Co, including our Market Update and Killik Explains educational videos, and be one of the first to hear about upcoming events and webinars. You can unsubscribe at any time and learn how we use your data in our Privacy Policy.