Inheritance Tax Planning in Hindley Green

Get in touch

Inheritance Tax Advice in Hindley Green

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 WN2 4 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 Hindley Green (Greater Manchester)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Irlam Lamberhead Green Pennington Mill Brow New Delph Sun Green Mill Hill Lowton Heath Durn Buckley Elton Bradley Fold Tunstead Toppings Nob End Prestolee Peel Hall Wingates Delph Ainsworth Sharston Sedgley Park Summit Roaches Castle Hill Millbrook Gilnow Werneth Bolton Kitt Green Egerton Fern Bank Hilton House Uppermill Brushes Oldham Edge Davyhulme Wall Hill Hollins Healds Green Tyldesley Romiley Moss Side Abbey Hey Cherry Tree Four Lane Ends Chapel Field Spotland Bridge Belfield Scot Lane End Cadishead Crooke Busk Portwood Harwood Lee Bamfurlong New Houses Tunshill Chadderton Fold Linfitts Roe Cross Spring Hill Great Howarth South Reddish Coppice Bramhall Moor Cale Green Godley Land Gate Lever-Edge Fallowfield Leigh Highfield Higher Blackley Town of Lowton Bradford Pitses Moss Nook Bickershaw Top o' th' Meadows Warburton Green Hindley Hooley Bridge Dangerous Corner Kersal Abram Beswick Smithy Green Starling Nimble Nook Warburton Bredbury Gale Orrell Post Calderbrook Dog Hill Higginshaw Milnrow Rain Shore Lowton St Mary's Stepping Hill Balderstone Sudden Taunton Lowton Heaviley Weaste Wardle Heights Side of the Moor Stanycliffe Mosley Common Lower Place Carrington Godley Hill Lane Ends Bamford Roundthorn Offerton Green Catley Lane Head Town Green Besses o' th' Barn Gigg Bowlee Heyrod Higher Green Birch Newton Heath Pemberton Hollingworth Four Gates Dunham Woodhouses Old Tame Failsworth Hathershaw Copster Hill Edgeley Shaw Side Heaton Moor Summit Walshaw Worsley Barlow Moor Swinton Broughton Park Denton Luzley Brook Cutgate Hollinwood Newton Worsley Hall Reddish Lees Stretford Alt Deane Grotton Thurston Clough Red Rock Middleton Junction Standish Lower Ground Littleborough Lower Kersal Hindley Green Backbower Offerton Northenden Flixton Rochdale Great Lever Springfield Pimhole Clough Didsbury Long Sight Bredbury Green Holcombe Benchill Denshaw The Hague Hawkley Goose Green Bowgreen Hunger Hill Dane Bank Fernhill Gate Marylebone Lime Side West Didsbury Firwood Fold Markland Hill Brownlow Fold Crompton Fold Werneth Low Knott Lanes Heaton Chapel Newton Wood Hurst Woodhouse Park Harrop Dale Quick Lowton Common Daisy Hill Orrell Well Green Newbold Longshaw Edge Green Broadoak Park Yew Tree New Bury Bank Top Rakewood Ramsbottom Oldham Sinderland Green Tottington Blackmoor Openshaw Black Lane Hawkshaw Heyheads Radcliffe Miles Platting Wilderswood Hyde Hulme Woodgate Hill Wood End Cooper Turning Buckton Vale Charlestown Bedford Hooley Brow Langley Woodford Woods End Broadhalgh Hollins Simister Rhodes Dobcross Marple Bridge Burnden Gorton Higher Boarshaw Burnage Lane Head Stockport Halfway Houses Shaw Heath Pickley Green Boothstown Woodhouses Halliwell Clifton Norden Broadbottom Alder Forest Dover Strangeways Ashley Heath Redvales Patricroft Wigan Stoneclough Harwood Gravel Hole Hooley Hill Harper Green Greenside Pobgreen Old Trafford New Moston Copley Mumps Daubhill Sholver Crofts Bank Bury Glodwick Walkden Sunny Bank Hazelhurst Doffcocker Acre Low Crompton Woodhouses Ashton-in-Makerfield Alt Hill Hilton Park Ordsall Partington Mottram in Longdendale Brindle Heath Dimple Poolstock Stand Roebuck Low Limefield Hazelhurst Greenacres Lostock Junction Heap Bridge Timperley Wardley Shevington Vale Dale Trub Torkington Westwood Park Worsley Mesnes Kitt's Moss Bramhall Park Firswood Shuttleworth Dukinfield Audenshaw Cheetham Hill Landslow Green Limehurst Carr Summerseat Higher End Bunkers Hill Hall i' th' Wood Collyhurst Caldermoor Willows Chequerbent Windlehurst Oldfield Brow Little Bolton Rosehill Slackcote Barrow Bridge Nangreaves East Didsbury Bromley Cross Higher Broughton Smithy Bridge Standish Northern Moor Whelley Bagslate Moor Ashton Upon Mersey West Gorton Flowery Field Smallbridge Droylsden Heaton Austerlands Moston Woodlands Heaton Norris Charlestown Golborne Haughton Green Manchester Newtown Hazelhurst Crowhill Moorend Stanley Green Top Lock Bryn Gates Arden Park Astley Green Wood End Kirklees Birtle Irlams o' th' Height Crumpsall Hollins Bentgate Woolley Bridge Whalley Range Horwich Winstanley Westleigh Kearsley Hill Top Woodley Seedley Carrbrook Altrincham Rusholme Marsh Green Kirkholt Ridge Hill Walmersley Slattocks Far Moor Blackley Carr Green Newhey Ellesmere Park Gathurst Gorse Hill Red Lumb Heady Hill Greengate Atherton Diggle Hurstead Over Hulton Peel Green Royton Montcliffe Clayton Mottram Rise Grasscroft Castleton Lark Hill Summit Gee Cross Tonge Fold Bramhall The Banks Chadkirk Woodhey Ashton-Under-Lyne Brook Bottom Shawfield Swinton Park Waterloo Hag Fold Cox Green Broadheath Ancoats Moorside Winton Davenport Green Norbury Moor Whitefield Cheadle Marple Fullwood Hattersley Little Clegg Marland Cinder Hill Mellor Firgrove Burnedge Broadfield Astley Gatley Buersil Head Running Hill Head Horrocks Fold Salford Tamer Lane End Pendleton Bowdon Dunscar Little Scotland Firs Lane Urmston Fitton Hill High Lane Wolstenholme Stake Hill Johnson Fold Thornham Fold Luzley Dales Brow Little Lever Astley Bridge Pocket Nook Marpleridge Bradshaw Dunham Town Rough Bank Hart Common Mossley Roe Green Wythenshawe Honresfeld Sharples Brinnington Rainsough Mossley Brow Shore Withington Stubshaw Cross Blackrod Trafford Park Syke Bottom o' th' Moor Haggate Greenheys Compstall Clifton Junction Longsight Brunswick Platt Bridge Park Bridge Farnworth Free Town Edge Fold Holden Fold Brooklands Monton Darn Hill Little Moor Hindsford Hale Barns Moorside Heald Green Shevington Davenport Crankwood Tame Water Greenfield Ince in Makerfield Micklehurst Heaton Mersey Cheadle Heath Chesham Wood Road Outwood Marsland Green Ardwick Turf Hill Plank Lane Howe Bridge Smallshaw Beech Hill Kirkhams Bardsley Darcy Lever Bleak Hey Nook High Crompton Haigh Lydgate Watersheddings Westhoughton Greave Quick Edge Kingston Dumplington Scholes Hartshead Green Breightmet Water's Nook New Springs Unsworth Warhill Shawclough Lower Bredbury The Bell Scouthead Adswood White Gate Ley Hey Park Pendlebury Chorlton-cum-Hardy Hale Chew Moor Guide Bridge Eccles Prestwich Daisy Nook Top of Hebers Mudd Moorhey Holts Pennington Green Flixton Alkrington Garden Village Fernhill Strines North Reddish Thorp Levenshulme Newtown Hazel Grove Boar's Head Jericho Shaw Winstanleys Whitley Belle Vue St George's Heyside Matley Harpurhey Sale Fairfield Fishpool Moses Gate Lower Broughton Holcombe Brook Brooksbottoms Great Moor Eagley Shakerley Tonge Moor Nuttall Clough Bank Lane Gillbent Affetside Woolfold Blackford Bridge Dearnley Springhead Chadderton Stoneyfield Baldingstone Stalybridge Town Lane Middleton Healey Haugh Aspull Common Higher Folds Bolholt Rose Hill Greenmount Bryn Baguley Grains Bar Clarksfield Linnyshaw Jubilee Foggbrook Captain Fold Wallsuches Parr Brow Lostock Debdale Fairfield Crimble Lilford Little Hulton Newall Green Lady House Shevington Moor Heywood Ringley Barton Upon Irwell Highfield Moorclose Hawk Green Cheadle Hulme Clifton Green Littlemoss Aspull Hartshead Pike Mossbrow Hopwood Lower Green Oak Bank Woods Moor