Inheritance Tax Planning in Row

Get in touch

Inheritance Tax Advice in Row

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 CA10 1 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 Row (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
Low Walton Millness Staveley-in-Cartmel Martindale Crosby Garrett Tallentire Salthouse Raby Gosforth Dacre Cumrew Great Strickland Willow Holme Lowick Green Crosscanonby Levens Hawkshead Skirwith Hall Santon Soulby Thornthwaite Redhills Low Row Kaber Newbiggin Little Corby Croslands Park Mealrigg Sedbergh Lanercost Tottlebank Dundraw Sleagill Crosby Ravensworth Wilton Edenhall Broad Oak Biggar Kidburngill Witherslack Newby West Hetherside Barrow-In-Furness Moorclose Kirkcambeck Whitrigg Barbon Parton Mite Houses Far Sawrey Broughton Beck Arnaby Seaton Whelpo Flimby Maulds Meaburn High Harrington Helmside Kentmere Yearngill Dunnerholme Low Biggins Mosser Mains Orton Slack Head Blackford Cumwhinton Town End Anthorn Sandale Colt Park North Walney Shoregill Buckabank Butterwick Grisdale Banks Grange-Over-Sands Angerton Burthwaite Embleton High Newton Harrington Kirkoswald Tarraby Rookby Winscales Bridekirk Causeway End Haverthwaite Kirkland Brigham Westmoor End Swallohurst Hensingham Near Sawrey Salt Coates Grayson Green Catlowdy Briscoe High Wray Tarns Upper Denton Unthank Grasmere Bolton Wood Lane Hackthorpe The Hill Fothergill Little Asby Nepgill Holme Mills Calthwaite Ireleth Barepot Fell Side Hesket Newmarket Linstock Townhead Longburgh Soulby Forest Head Force Forge Clifton Hall Waberthwaite Albyfield South Stainmore Row Nateby Croasdale Milburn Bromfield Town Head Eccle Riggs Wreaks End Bleach Green Raise Far Arnside Yarlside Long Marton Netherby Newby Bridge Chapels Lowick Rockcliffe Cross Low Knipe Longcroft Seathwaite Brisco Eaglesfield Saltcoats Kirkby Stephen Wind Hill Bayles Weasdale Scout Green Great Ormside Kirksanton Redmain Great Salkeld Burneside Grassgarth Nether Welton Crosby Villa Ravenstown Holme St Cuthbert Currock Reston Penruddock Bank End Cockermouth The Green Cardewlees Birkby Patton Bridge Beck Head Edentown Woodhouse Little Orton Dunningwell Hunsonby Foulbridge Brunstock Broughton Mills Branthwaite Edge Wellington Beck Side Glasson Brigham Newtown Ennerdale Bridge Plumpton Roadhead Calder Bridge Ruckcroft St Helens New Cowper Dalston Park Head Whasset North End Parkhead Wetheral Rampside Waverton Upperby Morton Ireby Coulderton Beckside Greystoke Town End Bothel Gilgarran Catholes Glassonby Mockerkin Beckfoot Nenthall Gaisgill Harraby Clawthorpe Todhills Little Bampton Ulpha Cargo Knipe Fold Roosebeck Orton Rigg Town End East Curthwaite Ayside Sunbrick Cark Whitbeck Heggle Lane Woodend Ulverston Nether Wasdale Crooklands Seaville Deepthwaite Brackenber Cartmel Fell Bardsea Natland Corney Dean Allithwaite Southernby Allonby Leadgate Ivegill Keekle Troutbeck Bridge Haverigg Netherton Middleton Place Silloth Moorhouse Garsdale Whitbarrow Village Aspatria Bridgend Dubwath Annaside Raughton Head Garth Row Deanscales Old Tebay Brow Edge Kearstwick Ousby Waitby Drybeck Roose Stank Ratten Row Midgeholme Wolsty Cumwhitton Bampton Roosecote Scuggate Thursby Hethersgill King's Meaburn Hopebeck Moorend Middleton Hycemoor Waverbridge Garnett Bridge Woodend Borwick Rails Soutergate Stainburn Brigflatts Browtop Tirril Scales High Park Eskdale Green Papcastle Crosthwaite Grassgarth Reagill Ulcat Row Stanwix Bouth Swinside Greenholme Stainton Little Salkeld Roughsike Aglionby Boltongate Hawk Hill Whale Dendron Cardew Newlands Fenton Braithwaite Nether Row Mawbray Crofton Little Langdale Smithfield Newby Outcast Cleator Moor Hall Dunnerdale Sedgwick Whiteclosegate Matterdale End North Stainmore High Longthwaite Kingside Hill Baycliff Church Brough Stainton South Newbarns Grinsdale Dovenby Felldyke Aiketgate Haresceugh Waterend Bolton New Houses Crosby Oulton Hutton Baldwinholme Eden Mount Kirkland Guards Finsthwaite Ellenborough Ruthwaite Moresby Parks Wigton Warwicksland Belah Standingstone Seatoller Croglin Bampton Grange Workington Newbiggin Bowness-on-Solway Kilnhill Drumburgh Arlecdon Parkgate Nunclose Kirkandrews-on-Eden Broughton Cross West End Orthwaite Town Head Harker Marsh Brockleymoor Grizebeck Torver Bewaldeth Greenwell Flookburgh Newlands Kirkland Carr Bank Ellonby Parton Low Cotehill Staffield Thorpe Lambfoot Summerlands Hurst Brampton Branthwaite Dragley Beck Dockray Heversham Hawksdale Brackenthwaite Beetham High Sellafield Meal Bank Great Blencow Longdale Frizington Aughertree Woodhouse Seathwaite Moor Row Wath Brow Westward Middletown Beck Houses Heads Nook Mungrisdale Town Head Satterthwaite Santon Bridge Storrs Low Lorton Kirkhouse Longtown Kelleth Briery Lane Ends Brownber Newbiggin Highbridge Moorhouse Isel Bolton Kirklinton Grange Asby Skitby Lamonby Greystoke Gill Low Braithwaite Middlesceugh Keld Denton Holme Lindal in Furness Hale Sandwith Hazelslack Thackthwaite Brackenlands Carleton Morland North Row Moor Park Knock Longlands Abbeytown Helton Gleaston Ravenglass Buttermere Underbarrow Loppergarth Holme Welton Patterdale Bigrigg Branthwaite Hallthwaites Murton Cartmel Stockdalewath Broomfield Moat Easton Newtown Lowca Down Hall Langrigg Birkett Mire Castle Carrock Tarnside Kents Bank Newby Head Scarness Beck Side Pelutho Beaumont Bransty Strawberry Bank Boot New Mill Skelton Cockley Beck Lindale Alston Stair Lea Yeat Sprunston Common End Holmrook Newton Arlosh Lowick Bridge Killington Little Musgrave Chapel Duddon Bridge Steel Green Force Mills Blackdyke Hincaster High Row Gamblesby Beckces Drigg Thomas Close Scotby Staveley Town Head Ravenstonedale Station Hill North Dykes Oxen Park Rusland Hubbersty Head Newbiggin Green Quarter Ewanrigg Newbiggin Carleton Motherby Selside Bolton Low Houses Greystone Applethwaite Bowness-On-Windermere Boltonfellend The Green Haws Bank Mossedge Halfpenny Blitterlees Longdales Sour Nook Sandside Braystones Greenrow St Bees Melkinthorpe Little Ormside Faugh Eamont Bridge Border Distington Belle Vue Thurstonfield Hornsby Kiskin Melmerby Park Broom Hutton End Townhead Goose Green Pardshaw Watermillock Camerton Appleby-in-Westmorland Brackenthwaite Legburthwaite Santon Edderside Little Broughton Haile Skiprigg Milton Castletown Chestnut Hill Watendlath Ferney Green Stubble Green Oldfield Siddick Farlam Western Bank Bowston Seatle Dale Spark Bridge Gawthrop Mossbay Hallbankgate Low Whinnow Keswick Carleton Laithes Newbarns Ratten Row Prior Rigg Thornhill Broom Water Yeat Newbiggin Millom Fingland Townhead Low Crosby Boustead Hill Town Head Great Urswick Beanthwaite Ormsgill Chalkfoot Silecroft Cleator Foxfield Mirehouse Barrows Green Bank End Shopford Harriston Castlerigg Lowther Torpenhow Low Moresby Oakshaw Ford Dearham Kershopefoot Rottington Knowefield Great Clifton Galligill Seascale Raughton Colthouse Monkhill New Hutton Thornby Calder Grizedale Storth Kelsick Great Musgrave Brothybeck Swarthmoor Pooley Bridge Mellguards Green Head Kirkby Lonsdale Shap Langwathby Brough Sowerby Aldingham High Row Ings Dalton-In-Furness Mintsfeet Wreay Rosthwaite Haltcliff Bridge Oxenholme Milnthorpe Spring Bank Unthank North Scale Pallaflat South Ulverston Farleton Old Town Hoff Dalton Gatesgarth Rickerby High Oaks Highmoor Allerby Winton Stainton Moor Row Walton Glenridding Row Broughton in Furness Beck Bottom Winder Belle Vue High Scales Powhill Plumpton Foot Scales Ainstable Longpark Cummersdale Towngate Berrier How Waterhead Row Brow Roa Island Gamelsby Morton Skelwith Bridge Brandlingill Barclose Coupland Lane End Lady Hall Meathop Stapleton Gillbank Temple Sowerby Blencarn Greengarth Hall Whicham Marthwaite Millholme Southwaite Salta Newton Reigny Burnrigg Thwaite Head Stainton with Adgarley High Whinnow Salterbeck Upton Mains Brough Hutton Roof Town End Burgh by Sands Westfield Crosby-on-Eden Rooking Dufton Ambleside Waterside Woodhouses Hartbarrow Hartsop Walby Easton Middleshaw Little Blencow Roundthwaite Rosgill Heathwaite Hawcoat Pategill Biglands Blennerhasset Ponsonby Risehow Carwinley Newland Bottom Laversdale Sowerby Row Lessonhall Chapel Stile Winster Renwick Little Urswick Culgaith Aikton Ackenthwaite Hollins Lazonby Holker Leasgill Bowderdale Quality Corner Great Asby Blindcrake Croftlands Busk Durdar Fell End Headless Cross Warwick Bridge Uldale Bowmanstead Nenthead Bushfield Lowgill High Walton West Curthwaite Corby Hill Crossgill Arrad Foot Rosley Nealhouse Wall End Woodend Wreay Mosedale Great Broughton Great Corby High Green Low Newton Howgate Hyton Hampsfield Plumbland Hartley Moss Side Newland Watchgate Town End Kells Cumdivock Sandwith Newtown Rydal Cowan Head Egremont Dale Bottom Cotes Aldoth Low Hesket Whitrigg Gilcrux Highlaws Wetheral Plain Mansergh High Hill Bullgill Arnside Kingstown Kirkborough Kendal Newby East Outgate Town Head Nook Heaning Nethertown Canal Foot Fletchertown High Water Head Scilly Bank Gilsland Bowland Bridge Sand Side Crook Howtown Carlisle Bootle Street Oughterside Burtholme Baggrow Unthank Garsdale Head Sandside Old Hutton Mansriggs Hewer Hill Cautley Blackbeck Stonethwaite Scaleby Newbiggin-on-Lune Micklethwaite High Lorton Windermere Beacon Hill Botcherby Millhouse Blackwell Low Row Tivoli Threapland Cliburn Hayton Causeway End Clappersgate Howgill Scalebyhill Lakeside Rowrah Garrigill Bleatarn Bassenthwaite Armathwaite Newtown Hindpool Bewcastle Beck Foot Southam Pardshaw Hall Sweetholme Raisbeck Ullock South End Low Wood Elterwater Westlinton Coniston Bridge End Askam in Furness Cowgill Gaitsgill Birks North Side Water Garth Nook Maryport Field Broughton Ormathwaite Sadgill Barber Green Scales Houghton Stone House Lower Hawthwaite Mill Side Milton Smardale Garlands Thwaite Flat Greysouthen Yottenfews Loweswater High Bankhill Colton Longthwaite Lockhills Strands Scar Head Carleton Hall Woodrow Vickerstown Greengill Millgillhead Dent Harker Tindale Bonning Gate Lenacre Pennington Millthrop Green Bank Barras Stone Raise Hutton Roof Pica Catterlen Etterby Hayton Blagill Plantation Bridge Kirkby Thore Wythop Mill Town End Gatebeck Old Town Brigsteer Sea Mill Greenodd Hilton Endmoor Oughterby Millbeck Backbarrow Prospect Town End Cotehill Far End Gawthwaite Wiggonby Broadwath Leys Goodyhills Rosthwaite Crackenthorpe Colby Lupton Wath Portinscale High Biggins Flitholme Roger Ground Parkside Crosslands Glasson Langrigg Skinburness Hawkshead Hill Warwick-on-Eden Grayrigg High Cunsey Crookdake Newton Penny Bridge Old Carlisle Kirkland Low Borrowbridge Hardendale Little Town Great Orton Bandrake Head Mosser Casterton Kentrigg Salkeld Dykes High Cark Woodend Waterfoot High Ireby Little Clifton Warcop Westnewton Sebergham Fair Hill Kirkby-in-Furness Little Braithwaite Ludderburn Harras Kinkry Hill Helbeck Beckermet Threlkeld High Casterton Ullock Sandford Rockcliffe Cardurnock Whitehaven Holmwrangle Sunderland Leece Johnby Crossgates Irthington Mealsgate Blencogo Blawith Parsonby Port Carlisle Churchtown Askham Bridgefoot Bomby Wasdale Head Firbank Brampton Sand Gate Broughton Moor Caldbeck Rowe Head The Howe Crewgarth Little Strickland Longsowerby Outhgill Kirkbampton Cat Bank Watchhill Marton Troutbeck Burrells Rusland Cross Calvo Wampool High Nibthwaite Newton Rigg Talkin Great Crosthwaite Red Dial High Side Ickenthwaite Arkleby Penrith Tebay Lamplugh High Hesket Greenside Gullom Holme Sockbridge Sleetbeck Kirkbride Allenwood Winskill Burton-in-Kendal Woodland Crosscrake