Inheritance Tax Planning in Iford

Get in touch

Inheritance Tax Advice in Iford

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 BN7 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 Iford (East Sussex)

Get in touch

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


Skip to

Gallery

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