Inheritance Tax Planning in Portchester

Get in touch

Inheritance Tax Advice in Portchester

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 PO16 9 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 Portchester (Hampshire)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Litchfield Burley Lawn Fox Lane Dibden Upper Common Pound Green Dora's Green Brown Heath Mottisfont Fritham Broadoak Mockbeggar Long Common Gosport Enham Alamein Fair Oak Hazeley Lea Pamber End Applemore West Tytherley Bramdean Forton Knowle Bank Hill Side West End Green East Anton Burgates Newtown Monxton Oakridge Heath Green Axmansford East Oakley Easton Hatch Bottom Clayhall Bentworth Littleton Grayshott Lower Common Liphook Lower Upham Hale Netley Palestine Curdridge Cosham Kingsclere Woodlands Rye Common Marchwood Abshot Highbury Wimpson Upper Swanmore Upper Wootton Balmerlawn West Down Stoke Charity Abbotts Ann Totford Exton Lyde Green Gosport Blackhill Hazeley Whitenap Southsea Bishopstoke North Hayling Hatchet Green Fair Oak Clanville Stoney Cross North Kingston Isington Lower Common Heckfield Dogmersfield Shorley Waltham Chase West Wellow Sleaford Littledown Southrope Walton Heath Dibden Purlieu Aldermoor Vernham Street Bisterne Close Linford Emery Down Empshott Ball Hill Cold Ash Hill Southwick Broad Oak Frogmore Broad Layings Holt Pound Worting Nether Wallop Hamble-le-Rice East End Freefolk Neacroft Egypt Woodcot Hillside North Town Blendworth Gore End West End Winchester Portchester Upham Penton Mewsey Deadwater Meonstoke Pheonix Green Colden Common Bunstead Woodgreen Bucket Corner Bramley Green Valley Park Stonyford Stoke Common Timsbury Cliddesden Hill Brow Segensworth Sarisbury Burridge Wildern Portsmouth Plaitford Penwood Leckford New Town Coombe Wheatley Hedge End Little London Brighton Hill Bradley Ashford Hill Itchen Stoke Conford Hurstbourne Priors Bailey Green Gobley Hole Blackfield West Stratton Hill Top Stockbridge Gundleton Whitway Shortheath North End London Minstead Newbridge Thruxton Quarley Wickham Langley Nursted Beauworth Hatt Hill Langrish Spanish Green Goose Hill Well Passfield Bashley Park Stratfield Turgis Hyde Sandy Down New Alresford Houndmills Waterlooville Sopley Bitterne Park Leigh Park West Green Pilley Bailey Hazeley Bottom Hounsdown Colt Hill Upper Froyle Farnborough Park Picket Piece Kingsley Furzeley Corner North Boarhunt Kimpton Wilsom Warblington Hammer Bottom Shobley Itchen Ashurst Pucknall Heath End Bridgemary Furzedown Swelling Hill Fratton Newtown Empshott Green Godwinscroft Rake Eastrop Port Solent Broadgate North Warnborough Shirley Fordingbridge Brockbridge Dry Hill Monkwood Furzley Alton East Tytherley Poulner Little Holbury Avon South Warnborough Langdown The Mount Lane End Upper Street Black Dam Stroud Fleetlands Netley Hill Four Marks Allbrook Upper Farringdon Woolton Hill Burley Street Soberton Heath Upton Grey Hollington Havant Colemore Lynch Hill Linwood Stonymarsh St Mary Bourne Wigley Hound Green Exbury Silkstead Wymering Michelmersh Lower Ratley Awbridge Church Common Standford Brook Hill Copnor Pennington Goodworth Clatford Anna Valley Sandford Horndean Old Shirley Ovington Middle Wallop Ibsley Eversley Centre Upper Burgate Highbridge Calshot Lower Pennington Durley Street Shalden Green Shawford Compton Hook Park Yateley Selborne Chilbolton Old Burghclere Bentley Bransbury South Baddesley Vernham Row Froxfield Green Ibthorpe Barton on Sea South End Northfields East Aston Boyatt Wood Upper Ratley Tote Hill Ripley Lasham Bramley Neatham Boorley Green Darby Green Breamore Townhill Park Woodcott Lower Bullington Corhampton Weeke Crow Ossemsley North Charford Southwood Aldershot Denvilles Damerham Wintershill Baybridge Petersfield Ropley Soke Steventon Holt End Hatchet Gate Spearywell Farleigh Wallop Upper Canterton Wyck Northington Longstock North Weirs Frostlane Critchell's Green Cole Henley Mengham Upper Bullington Hurstbourne Tarrant East Boldre Foxdown St Cross Hound Weston Corbett Bleak Hill Bashley Pitt Swanwick Blacknest Horton Heath Shalden Kitwood Widley Latchmere Green Upper Slackstead East Worldham Gable Head Brockhurst Lower Bordean Winslade New Cheriton Leagreen Bassett Green Ashfield Park Gate Pound Street Furzey Lodge Langstone Hannington Frenchmoor Whitehill Racedown Northbrook Redenham Merry Oak Fulflood Quidhampton Privett The Butts Old Alresford Upton Winklebury Sherfield on Loddon Foulford Waterford Landport Thornhill East End Chawton Shirley Otterwood South Town Fair Oak Green Lower Brook Lymington Kimbridge East End Cottonworth Charter Alley Ampfield Hawthorn Mullenspond Bucklers Hard Rotten Green Row Ash Bramley Corner Hattingley Dundridge Medstead West End Dean West Common Appleshaw Frogmore Buckskin Newfound Inhurst Hunton Hill Head Alverstoke Woodington Wheat Hold Holbury Batt's Corner Bickton Ellisfield Ridge Pondtail Beaulieu Wildmoor Winchfield Purbrook Horsebridge Bransgore Woodside Portswood Meon West Worldham Farnborough Nately Scures West Tisted Hillstreet Shootash Wonston Kingston Lee-on-the-Solent Rushington Soberton Bell Hill Lower Slackstead Testwood Lower Swanwick Vernham Dean Binley Little Posbrook Broughton Daneshill Catisfield Fryern Hill Chineham Little Ann Pamber Heath Barford King's Somborne Penton Corner Bedhampton Buriton Hensting Pooksgreen Bighton Bramshaw Overton Clatford Oakcuts Lovedean Stonehills Wherwell Chandler's Ford Steep Marsh Beech St Giles's Hill Peartree Green Brown Candover South Weirs Stubbington Mill Green Fisher's Pond Hampton Park Elson Ragged Appleshaw Botley Micheldever Rushmere Farlington Little Somborne Stony Heath Tichborne Chilcomb Houghton East Martin East Tisted Dipley Hursley Headley Old Basing Ashley Mill Lane Hatherden Pylehill Lynch Haughurst Hill The Straits Hatch Warren Kempshott Chidden Newnham Rockbourne Bordon Penton Grafton East Meon Highfield Fleet Woolston Bowling Green Totton Funtley Hambledon Denmead Andover Stanmore Bishop's Waltham Ramsdean Ashurst Bridge Coxford Wittensford North Gorley Butlocks Heath Keyhaven Mattingley Harestock Liss Forest Newtown Crockerhill Fullerton Bartley Brockenhurst Cupernham Romsey Shedfield Curbridge Pilley Hinton Liss Baffins Wootton St Lawrence Montgomery Lines Highclere Warren Corner Portsea Durns Town Pardown Swampton Newgrounds Somers Town Milton Long Park Silchester Boarhunt Hoe Newtown Buttsash Tadley Anchorage Park Street End Golden Pot Bagmore Crowdhill Anthill Common East Green Axford Red Rice Knapp North End Harbridge Dunley Ropley Dean Moorgreen Rownhams Ann's Hill Sladen Green Blackdown The Dene Harefield Up Green Hatch Heather Row Ashley Weston Common Blissford Martyr Worthy Fleet Bowling Alley Griggs Green Goose Green Thornhill Park Sandleheath Durley Kilmeston Bossington Beckley Smannell Burley Beacon Sway Tapnage Newtown Hilsea Lindford Rockford Locks Heath West Liss Hordle Hoe Gate Oliver's Battery Lee Turmer Holybourne Chilworth Butt's Green Milford on Sea East Liss Rake Common Lower Wield Browninghill Green Lepe Newtown Tiptoe Sydmonton Sherborne St John Woodley Foxhills Weyhill Eastleigh Faberstown Frogham Popley Wivelrod Lordswood Eling Crondall Soake Wootton Ashford Ringwood Crookham Village West End Upper Enham Wadwick Hill Park Ibworth Upper Wield St Austins Lee Ground Ashmansworth Newton Valence Tye Sholing Otterbourne Plaitford Green West Town Cuckoo's Corner Sherfield English Chilworth Old Village Causeway Hinton Ampner Heath End Stuckton East Wellow Ramsdell Hiltingbury North Baddesley Nursling North Stoneham Green, The Nashes Green Cove East Woodhay Upton Wolverton Common Chandlers Green Over Wallop South Wonston Winsor Headley Netherton Glebe Sholing Common Ham Green South Ham Lower Froyle South Hayling Harbridge Green Mead End Church End St Denys Farnborough Green Custards Moortown Criddlestyle Winnall Kingsclere Potbridge Fareham West Leigh Hearn Cufaude Nutley Cranbourne Hawkley West Heath Long Sutton Baughurst Warnborough Green Hocombe Eversley Cross No Man's Land Ewshot Lyndhurst Linkenholt Water End Filmore Hill Norleywood Hartley Wespall Rafborough Ashe The Frenches Picket Hill Hazeley Heath Hillpound Cricket Hill East Stratton Old Netley Lower Farringdon Bucks Horn Oak Turkey Island Northney Swarraton Droxford Kingston Emsworth Winchfield Hurst Broadmere Minstead Cheriton Forest Gate Compton Wimble Hill Lymore Godshill Stoke Eastland Gate Knights Enham Ashansworth Battramsley Cross Clarken Green High Cross Deane Worlds End Fleetend Titchfield Gilbert Street Stony Batter Amport Hook Portsea Island Itchen Abbas Burghclere Common Highwood Owslebury Hangersley Dean Buckland Tunworth Bowyer's Common Little Shoddesden Woodhouse Little London Up Somborne Heathfield Abbotstone Downton North End Everton Halterworth Wecock Hardley Thorney Hill Burghclere Woodlands Hillyfields Sleepers Hill Hardway Stratfield Saye Flood Street North Street Shirrell Heath West Meon Woodlands Three Ashes Calmore Tot Hill Wallington East Cholderton Upper Clatford Great Shoddesden Bassett Stamshaw Rowner Newtown Oakshott Powntley Copse Morestead Church Oakley Martin Drove End Lower Burgate Oakley Midanbury Brook Martin Ogdens Southington Ratlake Swaythling Rowlands Castle Paulsgrove Couch Green Kingsmead Drayton Ashlett Copythorne Tipner Redbridge Kings Worthy Greatham King's Furlong Chilton Candover Holt Court Corner Grateley Dunbridge Hawley Herriard Titchfield Common South Down Bishop's Sutton Pikeshill Setley North Oakley Newton Stacey Ropley Westfield Ashton Golden Hill Whiteley Binstead Mapledurwell Barton Stacey Upper Shirley New Milton Nutburn Sheet Soldridge Brock's Green Monk Sherborne Crampmoor Standon Maybush Ocean Village Tangley Catherington Northbrook Clayhill West Ham North Ripley Anmore Blashford Chilbolton Down Weston Colley Eversley Crux Easton Basingstoke Privett Charlwood Rotherwick North Poulner Bramshill North Houghton Birchy Hill Woodmancott Titchfield Park Bisterne Compton End Ellingham Odiham Stoke Stockheath Lower Turmer Bull Hill Braishfield Hightown The Mint Hightown Chalton Hartley Mauditt Whitchurch Tidpit Preston Candover Middleton Weston Mortimer West End South View Fawley Toothill Plastow Green Whitsbury Laverstoke Warsash Old Portsmouth Church Crookham Forton Andover Down Cadnam Salters Heath Longparish Hartfordbridge North End Ladwell Flexford North Street Dummer Stoner Hill Farnborough Street Clanfield Lower Buckland Mead End Up Nately Pamber Green Bitterne Weston Twyford Warren Corner Shirley Warren Headbourne Worthy Waterditch Bar End Andwell Shipton Bellinger Ower Hook Cowplain Old Milton Hyde Sutton Scotney South Gorley Shirley holms North Waltham Abbots Worthy Blackmoor Durrants Hollywater Greywell Lord's Hill West Meon Finchdean Ecchinswell Hollington Cross Selsmore Brambridge Brook Weston Patrick Peel Common Tufton Warnford Frithend Carter's Clay Bidden Freemantle Canada Furze Hill Hartley Wintney Headley Down Walhampton Lockerley Avington East Dean South Farnborough Tilly Down Earlstone Common Townsend Northam West Heath Southampton Belbins Wildhern Crawley Vernham Bank Sparsholt Nob's Crook Outwick Hawley Lane Netley Marsh Causeway Lower Daggons Murrell Green Bramshott Egbury Charlton Lane End North Camp Blackwater New Brighton Ridge Common Oakhanger Portmore Bursledon Eastney Boldre Brockhampton Faccombe Wellow Wood Burley Red Hill Lowford Arford Swanmore Hythe Newtown Battramsley Kents Oak Millbrook Steep Popham Whitehall Eastoke Turgis Green Newtown Prince's Marsh Fyfield