Inheritance Tax Planning in Goodyhills

Get in touch

Inheritance Tax Advice in Goodyhills

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 CA15 6 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 Goodyhills (Cumbria)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Ferney Green Kirksanton Knock Skelwith Bridge South End North Walney Torver Whitehaven Low Biggins Nepgill Force Mills Burtholme Blackford Edderside Ratten Row Whitrigg Chalkfoot Tindale Papcastle Broughton in Furness Tarnside Eamont Bridge Chapel Stile Greysouthen Botcherby Green Quarter Little Clifton Brampton North Scale Low Lorton Beck Houses Heaning Ellonby Culgaith Melkinthorpe Broughton Moor Braithwaite Kilnhill Waterfoot Fothergill Shopford Crook Scales Bayles Highlaws Kiskin Sedbergh Crosby-on-Eden Harriston Netherton Lamplugh Torpenhow Morton Easton Currock Birks Brackenlands High Water Head Ellenborough Rosgill Ennerdale Bridge Grassgarth High Casterton Bridge End Allonby Sandford Low Row Kidburngill Woodhouse Ulpha Scout Green Hartsop Salt Coates Cargo Greenodd Aglionby Woodhouses Millness Cumdivock Lambfoot Westward Annaside Gawthrop Moorhouse Gaisgill Nunclose Kelleth New Mill Ludderburn Sunderland Cumwhinton Burthwaite Harrington Oughterside West End Woodhouse Bootle Stainton Silecroft Bardsea Drigg Pelutho Little Corby Newland Newtown Nether Wasdale Troutbeck Bridge Crossgill Windermere Baggrow Lea Yeat Ulcat Row Highbridge Brisco Warcop Hycemoor Gilcrux Garrigill Brigham Holmrook Nenthall Kingside Hill Cat Bank Wolsty Grayrigg Whitbeck Woodend Greengarth Hall Kelsick The Howe Pica Bothel Butterwick North Row Pardshaw Ravenstonedale Cleator High Newton Murton Town End Ewanrigg Catholes Hindpool Ings St Bees Rickerby Burgh by Sands Brough Moat Askam in Furness Low Cotehill Croslands Park Old Town Melmerby Cowan Head Laversdale Braystones Sandside Bransty Middletown Duddon Bridge Laithes Eaglesfield Grange-Over-Sands Millthrop Thwaite Head Hazelslack Carr Bank Thomas Close Plantation Bridge Woodland Goodyhills Houghton Broadwath Alston Longsowerby Siddick Low Braithwaite Abbeytown Hewer Hill Hutton Roof Canal Foot Barepot Crossgates Baycliff Patton Bridge Aldoth Winskill Bolton Talkin Bolton New Houses Birkett Mire Cumrew Backbarrow Drumburgh Lockhills Upton Nethertown Beanthwaite Lowick Hornsby Distington Cardew Ormathwaite Howgill Denton Holme Crookdake High Cark Staffield Parkside Kirkcambeck Town Head Hoff Whitrigg Wath Brow Santon Bridge Low Newton Longpark Bleatarn Moor Row Beckfoot Newby Head Crofton Woodend Soulby Roundthwaite Risehow Helbeck Forest Head Southernby Underbarrow Uldale Croasdale Newbiggin Hesket Newmarket Broughton Mills Kirkbampton Kearstwick Haile Nether Row Street Longdale Soutergate Penny Bridge Broomfield Hensingham Brampton Hallthwaites Knipe Fold Lowgill Sea Mill Orthwaite Low Crosby Sand Side Castle Carrock Wigton Stainburn Allenwood Yarlside Slack Head Longthwaite Stone House Belle Vue Low Borrowbridge Kaber Meathop Casterton Ruthwaite Stonethwaite Keld Blencogo Chestnut Hill Bowmanstead Storrs Millholme Haresceugh Whicham Redmain Shoregill How Great Strickland Hutton End Hale Dunningwell Grizebeck Wilton Carleton Gawthwaite Dent Nenthead Dufton Lane Ends Dale Hopebeck Catterlen Rottington Kirkby Stephen Whiteclosegate Seatoller Grange Redhills Newbiggin Wreaks End Great Blencow Cummersdale Calthwaite Lane End Ullock Parton Bampton Selside Seaville Great Corby Lowick Bridge Great Broughton Busk Cark Dale Bottom Kentrigg Millbeck Bridekirk Barrows Green Fingland Lazonby Garnett Bridge Barber Green Standingstone Scales Mossbay Holme Mills Low Walton Brunstock Town End Oulton Dean Kirkhouse Holme Eskdale Green Park Head Little Urswick Kirkborough Carwinley Beck Bottom Scaleby High Hesket Knowefield Salterbeck Stapleton Row Brow Sadgill Endmoor Western Bank Watchhill Green Head Marton Croglin Farlam Sleagill Ousby Catlowdy Mossedge Gillbank Greenholme Ravenglass Newby West Dovenby Little Broughton Greenrow Newbiggin Bolton Low Houses Causeway End South Newbarns Dalton-In-Furness Hawksdale Old Hutton High Nibthwaite Broad Oak Skelton Kershopefoot High Oaks Nook Corby Hill Motherby Cotes High Green Brothybeck Ponsonby Crosthwaite Longburgh West Curthwaite Natland Oughterby Salthouse Gamelsby Hunsonby Sour Nook Little Langdale Hetherside Red Dial Linstock Fenton Newbiggin Keekle Milnthorpe Allithwaite Middleton Place Dockray Oakshaw Ford Burton-in-Kendal High Sellafield Townhead Yottenfews Low Wood Westfield Grassgarth Brigham Tarraby Bridgefoot Morland Easton Sandwith Newtown Marthwaite Smithfield Buttermere Swallohurst Hayton Raisbeck Gosforth Hethersgill Roughsike Port Carlisle Raby Newbiggin Harker Marsh Meal Bank Townhead Micklethwaite Cotehill Moss Side Beck Head Grayson Green Chapel Lessonhall Newland Bottom Burneside Scar Head Egremont Etterby Sockbridge Barclose Newby Saltcoats Milton Bouth Glenridding Greystone Powhill Summerlands Vickerstown Caldbeck Hollins Penrith Millgillhead Fair Hill Far End The Green Prospect Harker Newby Bridge Winster Bullgill Blackdyke Hallbankgate Newton Rigg Deepthwaite Castlerigg Bowderdale Aspatria Hubbersty Head Carleton Waverbridge Cowgill Brandlingill Irthington Branthwaite Hilton Carleton Mellguards Morton Mockerkin Leasgill Haverthwaite Beckside Troutbeck Bowston Whale Renwick High Scales Upper Denton Glasson Wiggonby Gamblesby Crosby Garrett Cardewlees Harras Cartmel Fell Thornby Hawcoat Bromfield Great Urswick Plumbland Low Whinnow Faugh Heggle Lane Dalton Millom Waterside Heads Nook Penruddock Ulverston The Hill Garlands Castletown Sedgwick Town Head Scuggate Hampsfield Tallentire Branthwaite Edge Hall Santon Hall Dunnerdale Great Orton Leys Winscales Gilsland Unthank Parton Appleby-in-Westmorland Hincaster Temple Sowerby Pooley Bridge Spring Bank Reston Lanercost Wreay Hawkshead Hill Thurstonfield Bank End Crewgarth Gullom Holme Brownber New Hutton Bowness-on-Solway Newton Arlosh Walby Greenside Greenwell Blennerhasset Upperby Arnaby Town Head Calder Bridge Wellington Wampool Beck Side Churchtown Ackenthwaite Warwick-on-Eden Roadhead Brow Edge Blitterlees North Dykes Little Bampton Spark Bridge Storth Longdales Portinscale Wath Station Hill Briscoe Beckermet Hurst Ruckcroft North End Eden Mount Quality Corner Greengill Prior Rigg Wetheral Plain Green Bank Seathwaite Waterhead Leadgate Lowther Waterend Sandale Cautley Foulbridge Armathwaite Mintsfeet Great Crosthwaite Deanscales Down Hall Stainton Waitby Boustead Hill High Row Little Braithwaite Camerton Rooking Kirkby-in-Furness Water Yeat Little Salkeld Scilly Bank Row Coulderton Lowca Croftlands Nealhouse Blencarn Hutton Gaitsgill Greystoke Dunnerholme Welton High Hill Newton Goose Green Bandrake Head Seatle Sebergham Stainton with Adgarley High Side Orton Rigg Unthank Kirkandrews-on-Eden Tirril Durdar Hutton Roof Moorend Middlesceugh Scales South Ulverston Loppergarth Kendal Waverton Threapland Mains Little Musgrave Crosscrake Pardshaw Hall Clawthorpe Glassonby Howtown Patterdale Frizington Holker Holme St Cuthbert Rydal Garsdale Crosscanonby Leece Stair Allerby Outgate Thornthwaite Moorhouse Yearngill Grinsdale Pategill Winton Kentmere Ickenthwaite Sweetholme East Curthwaite Seaton Bassenthwaite Birkby Broughton Cross Watermillock Brough Sowerby Lindal in Furness Park Broom High Row Lady Hall Unthank Woodrow Moorclose Brackenthwaite Roa Island Clappersgate Felldyke Workington Coniston Watchgate Town End Great Clifton Galligill Blawith Barras Beetham Bewaldeth Helton Ainstable Whasset Midgeholme Old Tebay Mungrisdale Barrow-In-Furness Applethwaite King's Meaburn Burnrigg Gleaston North Stainmore Little Orton Loweswater Border Lindale Pallaflat Church Brough Kents Bank Kingstown Kirkoswald Foxfield Ravenstown Helmside Lamonby Halfpenny Scalebyhill Low Moresby Brigsteer Edenhall Heversham Longtown Weasdale Beacon Hill Rowrah Ambleside Fell End Southwaite Sandside Staveley Wreay Barbon Sunbrick Lower Hawthwaite Dalston Kells Boltongate Town Head Hayton Buckabank Beck Foot Parkhead Thackthwaite Town End Edentown Seascale Santon Drybeck High Harrington Newbiggin Colton Netherby Dacre Bampton Grange Cardurnock Belle Vue Thorpe Roosebeck Bushfield Mill Side Woodend Oxen Park Rusland Ratten Row Crosby Villa Langrigg Newtown Broughton Beck Warwicksland Mansriggs Mansergh Low Row Stanwix Old Carlisle Low Hesket Great Asby Sowerby Row Kirkland Guards Lenacre Rockcliffe Gatesgarth Legburthwaite High Cunsey Heathwaite Dendron Fletchertown Brigflatts Seathwaite Blackbeck Mosser Mains Holmwrangle Mealsgate Milburn Matterdale End Outcast Cockermouth Townhead High Park Garsdale Head South Stainmore Parkgate Stank Stockdalewath Moor Park Gilgarran Skiprigg Harraby Arkleby Middleshaw Berrier Oldfield North Side Far Arnside Mosser Oxenholme Watendlath Dragley Beck Mawbray Arlecdon Todhills Biglands Colby Wetheral Kirklinton Nateby Calder Mite Houses Albyfield Staveley-in-Cartmel High Walton Water Garth Nook Strawberry Bank Blackwell Ormsgill Swarthmoor Branthwaite Near Sawrey Crackenthorpe Stainton Lupton Westmoor End Coupland Plumpton Foot Bomby Sandwith High Lorton Askham Whitbarrow Village Haws Bank Maulds Meaburn Town Head Roger Ground Blagill Ullock Mealrigg Newton Reigny Nether Welton Willow Holme Glasson Brockleymoor Ireleth Witherslack Headless Cross Bowness-On-Windermere Howgate Thornhill Garth Row Newtown Southam Flimby Newlands Steel Green Bridgend Aiketgate Little Town Raise Hartley Newlands Swinside Blindcrake Aikton Salkeld Dykes Rosley Crosby Ravensworth Angerton Beckces Monkhill New Cowper Stubble Green Colt Park High Wray Langwathby Dearham Gatebeck Crosby Bleach Green Rampside Grisdale Walton Briery Roosecote Keswick Little Blencow Town Head Low Knipe Colthouse Belah Skirwith Kirkby Lonsdale Greystoke Gill Haltcliff Bridge Whelpo Plumpton Great Ormside Old Town Row Dubwath Woodend Ireby Eccle Riggs Killington Wythop Mill Isel Bonning Gate Bank End Moresby Parks Aughertree Moor Row Carleton Hall Orton Raughton Head Cleator Moor Thursby Embleton Grizedale Chapels Cumwhitton Field Broughton Flitholme Longcroft Smardale Boltonfellend Rusland Cross Tottlebank Strands Reagill Sand Gate Wall End Kirkby Thore Westnewton Roose Dundraw Clifton Brackenber Calvo Bolton Wood Lane Rosthwaite Crooklands Mirehouse Towngate Lowick Green Little Ormside Cliburn Newbiggin-on-Lune Newbarns The Green Arnside Aldingham Soulby Farleton Tarns Corney Pennington Great Musgrave Newby East High Bankhill Little Strickland Tivoli Flookburgh Martindale Ivegill Outhgill Kinkry Hill Hawkshead Lakeside Bowland Bridge High Longthwaite Mosedale Baldwinholme Highmoor Causeway End Town End Middleton Broom Beck Side Silloth St Helens Far Sawrey Firbank Fell Side Boot Salta Sprunston Kirkland Crosslands Rowe Head Little Asby High Ireby Threlkeld Biggar Haverigg Arrad Foot Thwaite Flat Common End Tebay Hardendale Carlisle Skitby Maryport Force Forge Anthorn Hawk Hill Levens Wasdale Head Hackthorpe Great Salkeld Skinburness Ayside Scotby Longlands Wind Hill Kirkbride Milton Banks Scarness Warwick Bridge Millhouse Browtop Bewcastle Finsthwaite Sleetbeck Town End Grasmere Bigrigg Kirkland Parsonby Raughton Shap High Biggins Beaumont Hall Waberthwaite Rockcliffe Cross Langrigg Rosthwaite Town End Rookby Hyton Brackenthwaite Cockley Beck Long Marton Kirkland Satterthwaite Stone Raise Asby Cartmel Burrells Hartbarrow Westlinton Elterwater Johnby Winder Borwick Rails High Whinnow