Inheritance Tax Planning in Oldhurst

Get in touch

Inheritance Tax Advice in Oldhurst

Inheritance Tax (IHT) planning is crucial to managing your estate effectively and ensuring that your loved ones benefit from your assets after your death.

The Tax Advisors, a professional and affordable group of tax accountants based in the UK, are here to guide you through the complexities of inheritance tax, helping you to minimise liabilities and maximise the value passed on to your beneficiaries.

Get in touch

What is Inheritance Tax?

Inheritance Tax (IHT) is a tax on the estate of a deceased person, including property, money, and possessions. In the UK, the current standard IHT rate is 40%, which is charged on the portion of the estate that exceeds the £325,000 threshold, known as the nil-rate band. However, with proper planning, the amount of inheritance tax payable can be reduced or even eliminated.

Why is Inheritance Tax Planning Important?

Inheritance tax planning is essential because it allows you to:

  • Minimise Tax Liability: Effective planning can reduce the inheritance tax your estate will have to pay.

  • Maximise the Estate Passed to Beneficiaries: By minimising tax liability, more of your assets will go to your loved ones rather than the taxman.

  • Ensure Peace of Mind: Knowing that your estate is structured most tax-efficiently provides peace of mind for you and your beneficiaries.

Get in touch

How Can Tax Advisors Help?

At The Tax Advisors, we understand that every estate is unique, including every family's financial situation. Our team of experienced tax accountants will work closely with you to develop a personalised inheritance tax plan that meets your needs. Here’s how we can assist:

1. Understanding Your Estate

We begin by thoroughly reviewing your estate to understand its value and potential IHT liabilities. This includes:

  • Assessing the value of your assets, including property, investments, and personal possessions.

  • Identifying any existing debts or liabilities that may reduce the overall value of your estate.

2. Utilising Reliefs and Exemptions

The UK tax system offers various reliefs and exemptions that can reduce the amount of IHT payable. The Tax Advisors will help you take full advantage of these, including:

  • Nil-Rate Band and Residence Nil-Rate Band: We ensure you fully utilise your £325,000 nil-rate band and, where applicable, the residence nil-rate band (currently up to £175,000).

  • Gifting: We advise on the tax-efficient use of gifting to reduce the size of your estate, including the annual exemption (£3,000), wedding gifts, and regular gifts out of income.

  • Business and Agricultural Reliefs: If you own a business or agricultural property, you may be eligible for significant reliefs, which we will help you claim.

3. Setting Up Trusts

Trusts can be a powerful tool in inheritance tax planning. The Tax Advisors can guide you in setting up trusts to:

  • Protect assets from IHT.

  • Ensure that your assets are distributed according to your wishes.

  • Provide for vulnerable beneficiaries without affecting their entitlement to means-tested benefits.

4. Reviewing and Updating Your Will

A well-drafted will is essential for effective inheritance tax planning. We can assist you in:

  • Drafting or updating your will to reflect your current wishes.

  • Ensuring that your will is tax-efficient and takes advantage of available reliefs.

  • Appointing executors who understand your IHT plan and can implement it effectively.

5. Long-Term Planning and Regular Reviews

Inheritance tax planning is not a one-time task; it requires ongoing attention. As your circumstances change, so should your IHT plan. The Tax Advisors offer:

  • Regular Reviews: We will review your estate plan periodically to ensure it aligns with your wishes and current tax laws.

  • Long-Term Strategies: We help you develop long-term strategies to mitigate IHT, including life insurance policies written in trust to cover potential tax liabilities.

Frequently Asked Questions (FAQs) About UK Inheritance Tax

1. What is the inheritance tax threshold in the UK?

The current IHT threshold is £325,000. Any estate value above this threshold is subject to a 40% tax rate.

2. Can I reduce my inheritance tax liability through gifting?

Yes, gifting is one way to reduce the value of your estate and, therefore, your IHT liability. However, certain rules apply, such as the seven-year rule for larger gifts.

3. How does the residence nil-rate band work?

The residence nil-rate band allows an additional IHT-free allowance (up to £175,000) when you pass on your primary residence to direct descendants.

4. Are there any exemptions from inheritance tax?

Several exemptions can apply, including spouse or civil partner exemption, charitable donations, and business or agricultural property reliefs.

Conclusion

Inheritance tax planning in PE28 3 is an essential aspect of managing your estate, and with the help of The Tax Advisors, you can ensure that your assets are passed on to your loved ones in the most tax-efficient manner.

Our professional, affordable services are designed to give you peace of mind, knowing that your inheritance tax plan is in capable hands.

Contact The Tax Advisors today to discuss how we can assist you in securing your family’s financial future.

Get in touch

We cover Oldhurst (Cambridgeshire)

Get in touch

We aim to get back to you in 1 working day.


Skip to

Gallery

Other locations available for inheritance tax planning
Bretton Burrough Green Cheveley Alconbury Weston Longthorpe Gunthorpe Odsey Wicken Leverington Chatteris Old Fletton Deeping Gate Wansford Duck End Hamerton Eynesbury Broughton Teversham Benwick Elm Upware Eltisley Kingston Holme River Bank Castle Camps Chainbridge Orton Longueville Little Ouse Chesterton Great Chishill Wothorpe Little End Alconbury Rampton Thorney Ickleton Orton Waterville Waterbeach Wimblington Abbots Ripton East Fen Common Great Paxton Bottisham Stretham Ditton Green Hartford Little Shelford Fowlmere Pondersbridge Catworth Heydon Oldhurst Begdale Weston Green Witchford Mile End Dyer's Green Folksworth Fengate Wimpole Steeple Morden Melbourn Little Ditton Fenstanton Stilton Hildersham Isleham North Side Dunkirk Barham Dogsthorpe Boxworth End Eldernell Broad Green Molesworth Leighton Bromswold Highfields Church End Haddenham Wood Walton Eye Green Woodditton Haddenham End Field Kirtling Easton North Brook End Elford Closes Bassingbourn Coldham's Common Tydd St Giles Little Stukeley Broad Hill Staughton Green Wentworth Olmstead Green Murrow Town End Brinkley Fulbourn Northborough Etton Great Staughton Water Newton Westley Waterless Ramsey St Mary's Conington Bluntisham Commercial End Fordham Pampisford Bunker's Hill Hemingford Abbots Godmanchester Oakington Dry Drayton Hilton Glinton Colnefields Stow cum Quy Great Gidding Toft Great Gransden Offord Cluny Ferry Hill Wardy Hill Histon Holywell Whittlesey Barway Huntingdon Gamlingay Great Heath Little Downham Four Gotes Tilbrook Carlton Westwick Litlington Cambridge Harston Hauxton Second Drove Dullingham Eastfield Fenton Washingley Childerley Gate Burton End Woodston Over Glatton Lode Somersham Swaffham Bulbeck Fitton End Longstanton Stuntney Weston Colville Hook Stibbington Offord D'Arcy Swingbrow Arrington Croydon Kennett Ely Ashton Woodhurst Moor End Green End Tadlow Willingham Kennett End Steeple Gidding Hatley St George Winwick Balsham Southoe Haddon Toseland Morborne Abbotsley Newnham Littleport Babraham Iron Bridge Needingworth St Ives Romsey Town Kings Hedges Nosterfield End Grantchester Yaxley Little Catworth Elsworth Collett's Br Graveley Coton Thriplow Little Eversden Millfield Gamlingay Pymoor Thorney Toll Spaldwick Bainton Orton Wistow Eastgate Hail Weston Caldecote New England Great Wilbraham Little Raveley Willingham Green Arbury Sutton Ailsworth Gorefield Ravensthorpe Kneesworth Soham Cotes March King's Dyke Islands Common Little Chishill West Wickham Milton Ashley Wilburton Great Shelford Ellington Stow Longa Roman Hill Little London Colne Bartlow Christchurch Sutton Newtown Heathfield Leverington Common Gamlingay Cinques Papworth Everard Buckden Brook End Eaton Ford Peakirk Impington Coldham Westry Haslingfield Lolworth Little Gransden Newark Burrough End Eaton Socon Farcet Helpston Mill Green Ring's End Grafham Stetchworth Chittering Buckworth Upwood Sawston Madingley Horseway Chapel End Hemingford Grey Linton Wisbech Saxon Street Swaffham Prior Green End Ramsey Mereside Sandhill Pilsgate Great Green Reach California Barrington Staughton Highway The Green Stonely Snailwell Dillington Norwoodside Croxton Cambourne Newton Woolley Ramsey Great Stukeley Stanground Dullingham Ley Brington Hardwick Bythorn Cottenham Foxton Eastrea Kings Ripton Soham Church End London End Sapley Long Meadow Bar Hill Orton Southgate Stirtloe Great Eversden Horseheath Orton Brimbles Brampton Doddington Eastwood End Fen Ditton Black Horse Drove Peterborough Widgham Green Little Thetford Wisbech St Mary Parson Drove Boxworth Little Paxton Ufford Streetly End Wennington Shingay Abington Pigotts Whaddon Gap Frog End Walton Sutton Gault Chapel Head Church End Guilden Morden Down Field East Perry Black Bank Owl End Church End Great Raveley Orton Malborne Upton Barton Chippenham Burwell Hampton Hargate Chiswick End Turves Denton St Neots Whittlesford Camps End Purls Bridge Brandon Bank Guyhirn Mill End Hardwick Bury Conington Aldreth Shudy Camps Carlton Green Sibson Houghton Wendy Castle End Chesterton Bourn Old Wimpole Foul Anchor Comberton Wistow Newborough Hinxton East Hatley Cherry Hinton Flood's Ferry Barnack Longstowe Stapleford Knapwell Swavesey Coates Orton Goldhay Prickwillow Clayhithe Little Green Coppingford West Perry Keyston Manea Tetworth Girton Waresley Pymore/Pymoor Fen Drayton Harlton Church End Sawtry Peas Hill Claypit Hill Upton Great Abington Warboys Knight's End Newton Little Abington Park End Marholm Caldecote Meldreth Caxton Kirtling Green Chettisham Trumpington Morden Green Frog End Papworth St Agnes Ramsey Forty Foot Werrington Elton Earith White Cross Hill Oxlode Covington Little Wilbraham Castor Guyhirn Gull Ellington Thorpe Witcham High Cross Wittering Queen Adelaide Duxford Southorpe Stonea Paston Cardinal's Green Whaddon Orwell Yelling Badgeney Pidley West Wratting Friday Bridge Shepreth Norman Cross Gatley End Thornhaugh Mepal Maxey Landbeach Horningsea The Hermitage Over End Denny End Alwalton Little Gidding Old Weston Eye Coveney Brampton Park New Fletton Westwood Flint Cross Upend Diddington Tholomas Drove Kimbolton