Inheritance Tax Planning in Broadland Row

Get in touch

Inheritance Tax Advice in Broadland 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 TN31 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 Broadland Row (East Sussex)

Get in touch

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


Other locations available for inheritance tax planning
Groombridge Woodingdean Cowbeech Hill Seaford Westham Danegate Alderbrook Heathfield Three Cups Corner Lunsford's Cross Penhurst Lidham Hill Burwash Common Henley's Down Coldean Sharp's Corner Ringmer Argos Hill East Hoathly Northiam Old Town Jarvis Brook Pett Ovingdean Mill Hill Ashburnham Forge Clayhill Friston Palehouse Common Pevensey Bay Hall's Close Beckley Southease Southover Beachlands Foulride Green Birchett's Green Saltdean Willingdon Summer Hill Coleman's Hatch Patcham West Hill Punnett's Town Berner's Hill Stone Cross North Moulsecoomb Steel Cross Blackham Little Norlington Butcher's Cross Whitehill Norton Dittons Flackley Ash Three Oaks Glenleigh Park Mark Cross Maresfield Park Seacox Heath Hollington Burnt Oak Chalvington Rushlake Green Horney Common Bells Yew Green Tidebrook Mount Pleasant Broomham Wellbrook Bodiam Eridge Green West Blatchington Norlington Holtye Charlwood Offham Whydown Ticehurst High Cross Hurst Green Silverhill Turner's Green Laughton Common Potter's Green Cripp's Corner High Hurstwood St John's Selmeston Black Rock South Chailey Watermill Tilsmore Starr's Green Flimwell Fairlight John's Cross Old Town Nash Street Pestalozzi International Village Whatlington Halland Chelwood Gate Rodmell Arlington Mutton Hall Moulsecomb Willard's Hill Hastings Herstmonceux Three Leg Cross Magham Down Mark Cross Union Street Withdean Westmeston Pebsham Russell's Green Bardown East Guldeford Buxted Guestling Thorn Maynard's Green Rottingdean Westfield Jevington Langney Stone Cross Roedean Udimore Durgates Danehill Five Ashes Duddleswell East Chiltington Poundgate Jumper's Town Upper Horsebridge Bodle Street Green Wartling Cowbeech Hooe Rockrobin Furner's Green Icklesham Gallypot Street Chitcombe Upper Hartfield Cliff End Little Common Isfield Poundford Horsted Green Muddles Green Piltdown West Firle Churches Green Kingston near Lewes Darwell Hole East Blatchington Blackness Cooksbridge Friar's Hill Little London Tompset's Bank New Town Grove Hill Coggins Mill Gun Hill Ford's Green Hankham Newick Fairwarp Tarring Neville Horns Cross Old Heathfield Newhaven Wickstreet Whitehawk East Moulsecoomb Framfield Clive Vale Sleeches Cross Park Corner Broad Oak Chapman's Town Gotham Shortgate Uckfield Sutton Broyle Side Wood's Green Rusher's Cross Plumpton Ridgewood Hollingrove Castle Hill Mile Oak Mott's Mill Broadland Row Marlpits Ditchling Etchingham Highgate Netherfield Warbleton Splayne's Green Upper Dicker Waldron Ewhurst Green Down Street Turner's Green Withyham Heathfield East Dean Poundfield Cade Street Brownbread Street Brighton Hollingbury Collier's Green Town Row Witherenden Hill Burwash Weald Peasmarsh Four Oaks Waldron Down Ringles Cross Portslade Village Shortbridge Mill Corner Winchelsea Beach Sidley Godleys Green Eckington Corner Snagshall Beacon Down Lower Dicker Playden South Malling Pounsley Newbridge Cousley Wood Hailsham Streat St Helen's Wood Wych Cross Alciston Mayfield Exceat Houghton Green St Leonards Firle Wallcrouch South Street Trolliloes Upper Wellingham Rickney Preston Brede Whitesmith Manor Park Nutley Fletching Common Burgh Hill Shover's Green Maresfield West Park Lewes Holmes's Hill Earl's Down Etchingwood Twelve Oaks Flowers Green Lye Green Polegate Ore Old Town Salehurst Pett Level Pevensey Telscombe Hove Roselands Wadhurst Rushy Green Sharpsbridge Canadia Plumpton Green Blackboys Broad Oak Swaile's Green Chapel Row Lions Green Camber Lower Cousley Wood Grisling Common Catsfield Stream Lyewood Common Strawberry Hill West Marina Terrible Down Rye Foreign Ashton Green Broomsgrove Wannock Stone Cross Wivelsfield Green Brightling Windmill Hill Peacehaven Tolhurst Pound Green Sweethaws Dallington Fairlight Cove Golden Cross Aldrington Broad Street Winton Ginger's Green Beddingham Sheffield Green South Heighton Birchden Budlett's Common Birling Gap Rocks Park Lower Horsebridge Wood's Corner Best Beech Hill Golden Cross Telscombe Cliffs Ninfield Park Corner Oxley's Green Bowler's Town Peacehaven Heights Rotherfield Sedlescombe Upperton Roser's Cross Wilmington Green Guestling Green Dale Hill Foul Mile Heron's Ghyll Rye Rose Hill Northbridge Street Telham Hawkhurst Common Glyndebourne Hazard's Green Cooper's Green Piddinghoe Bachelor's Bump Hale Green Red House Common Chilsham Downside Silver Hill Eastbourne Stunts Green Litlington Hamsey Forest Row Vinehall Street St Helen's Chelwood Common Lower Street Vines Cross Five Ash Down Jury's Gap Spithurst Wivelsfield Mountfield Barcombe Cross Westdene Fletching Eason's Green Bevendean Stonegate Silverhill Park Davis's Town Horam Wilmington Berwick Baldslow Chapel Cross Sparrow's Green Laughton Ripe Marden's Hill Bishopstone Hellingly Glynde Hartfield Marle Green Boarshead Iford Meads Chuck Hatch Mount Pleasant Cackle Street Landport Balls Green Little Horsted Rye Harbour Lower Willingdon Combe Southover Friar's Gate Westdean Barcombe Burgh Hill Chiddingly Winchelsea Chiltington Cock Marling Sandy Cross Goatham Green Town Littleworth Norman's Bay Burwash Little Bayham Stanmer Hampden Park Crowhurst Hangleton Cross in Hand Hadlow Down Boreham Street Woodmans Green Falmer Milton Street Thunder's Hill Belmont Hammerwood Kemp Town Steven's Crouch Crowborough Hooe Common Blacklands Green Street Burlow Hollingdean Crowborough Warren Foxhunt Green Cackle Street Robertsbridge Cackle Street Teasley Mead Bulverhythe Iden The Highlands Catsfield Denton Bohemia North Chailey Pell Green Wallands Park Harley Shute Beckley Furnace Chailey Alfriston Mount Ephraim Battle Staplecross Cooden Folkington Frant Bexhill Glyne Gap Harbour Heights Caneheath Quabrook Ponts Green