Accountants London - Inheritance Tax Services
Inheritance Tax
Inheritance Tax (IHT) is a tax on the transfer of value by individuals, including executors and trustees. Transfers of value may be chargeable transfers, exempt transfers or potentially exempt transfers and various exemptions and reliefs apply to remove or reduce any charges to inheritance tax. Various administrative requirements apply in relation to IHT, including the delivery of accounts and the payment of the tax.
Our services include:
- Assistance in the valuation of your estate
- Assessment of your current IHT and potential Capital Gains Tax liabilities
- A review of the tax efficiency of your will
- Advice on tax planning
Tax planning
We can help you plan for peace of mind and potentially save thousands of pounds in tax. To ensure your wealth is passed on without giving rise to substantial IHT liabilities, proper planning is essential.
For example, ensure that a surviving spouse is adequately provided for after the death of the first spouse. Then, if the size of the estate is sufficiently large, consider making gifts totalling up to the nil rate band limit to persons other than the spouse so that the tax-free bank is fully utilised not just on the second death but also on the first.
When buying a new home consider putting it in joint names of husband and wife as tenants in common rather than as joint tenants. If tenants in common, the share owned by the first to die can be passed to the next generation which may be more suitable than gifting money and other assets required by the surviving spouse to maintain a decent standard of living. This is an area where we can offer specialist advice.
Contact us if you’d like to know more.
