Inheritance Tax Planning

Inheritance Tax Planning Advice

It makes sense to plan for the future, whether it is for yourself or your business. Tailored wealth succession planning enables a smooth transition to the next generation and helps minimise tax liabilities, including the need to pay inheritance tax, by effectively managing capital gains tax and taxable income.

Tax allowances and tax relief are crucial components of this planning, helping to further reduce overall tax obligations. Additionally, strategies such as using life insurance can be employed to cover the inheritance tax bill, ensuring that beneficiaries receive their intended inheritance without financial burden. It is also advisable to explore tax relief options at the beginning of the tax year to maximise benefits and minimise liabilities.

How We Can Help with Inheritance Tax Planning

We can advise individuals on estate planning matters whether your estate is close to the nil rate band or many times larger. We can advise on techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios, considering civil partnership benefits and individual circumstances. Consulting a financial adviser can provide valuable insights into these complex areas. We can advise on both lifetime transfers and wills to help reduce inheritance tax.

However, estate planning is not solely about tax and we adopt a common sense approach, helping you to ensure your own financial needs are met and to avoid “giving away too much too soon”.

We can also advise on the timing and control of lifetime gifts to ensure beneficiaries gain access to assets under conditions that suit your financial planning. If you inherit property, we can guide you on the tax implications of generating rental income from that property, ensuring you are fully aware of your financial responsibilities.

For more information on inheritance tax planning, contact us.

Jason and the Team have been excellent in providing support to me over the last 12 months in particular. My husband passed away suddenly and Jason helped me complete his final accounts and tax return and provided advice in the process. Smith Butler looked after Garrys business affairs only for 3 years but they have always been helpful and I would recommend their services to others. I would have no hesitation in using Smith Butler for other financial matters. 

Angela Price

Shipley

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