Inheritance Tax Planning in Shalden

Get in touch

Inheritance Tax Advice in Shalden

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 GU34 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 Shalden (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
Lovedean Woodcot Funtley Hawley Hillside Hartley Mauditt Lyde Green Pamber Green South Weirs Denvilles Herriard West End Ragged Appleshaw Oakhanger Abbots Worthy Totton Abshot Holybourne St Cross Blackhill Ibworth Stuckton Knapp Holbury Binley Hook New Milton Preston Candover Linkenholt South Warnborough Frithend Hatch Warren Fordingbridge Tilly Down Powntley Copse Street End Weston Patrick Weeke Valley Park Well Kingsclere Woodlands St Mary Bourne Dipley Prince's Marsh Copythorne Owslebury Weston Hedge End Alton Andover Winchester Kempshott Upper Clatford Nursling Battramsley Ecchinswell Canada Durrants Over Wallop West Town St Austins Chalton Upper Farringdon Locks Heath Hattingley Potbridge Hythe Shedfield Odiham Middleton Thorney Hill Deadwater Holt Great Shoddesden Redenham Kingston Ower Isington Paulsgrove Tunworth Hawthorn Bentworth Freefolk Causeway Little Shoddesden Sladen Green Wellow Wood Wittensford Court Corner Ridge Dummer Newton Valence Cupernham Hocombe Twyford Hill Park Otterbourne Oakshott Cranbourne Redbridge Bowyer's Common Newtown Up Nately Downton Soldridge Itchen Liss Forest Swanwick Vernham Street Wivelrod North Oakley Townsend Privett Ashfield Dundridge Flood Street East Oakley Elson New Cheriton Rownhams Pooksgreen Church Crookham Mullenspond Anthill Common Lower Farringdon Custards Lindford Toothill Bramshill South Ham Medstead Browninghill Green East Cholderton The Straits Boarhunt East Worldham Burley Lawn Long Park Newtown Frostlane Golden Pot West Heath Lordswood Fyfield Burley Beacon Ashford Woodhouse Lower Common Micheldever Brock's Green Michelmersh Bar End Hampton Park Hangersley Durns Town Harbridge Bramshott Ann's Hill Whitsbury Fritham Waltham Chase Dunley Frogmore Upper Enham Bull Hill Bramshaw Titchfield Lower Buckland Water End Nether Wallop Litchfield Old Shirley Weston Colley Shirley Warren East Tisted Broad Oak Buriton Wonston Allbrook Lymore Broad Layings Baffins Outwick Hazeley Lea Everton Itchen Stoke Crampmoor Compton Eversley Centre Rafborough Whitehall East End Keyhaven Sutton Scotney Stoke Oakley Broadmere Hound Green Lower Froyle Crowdhill Murrell Green Wootton Aldermoor Highclere Bleak Hill Southwick Stoke Pitt Wigley Lower Slackstead Winchfield Sydmonton Portswood Hinton Ampner Merry Oak Belbins Ropley Dean Wheatley Godwinscroft Mengham Ridge Common Netley Hill Lee Ground Plaitford Green Barford Hillpound Lane End Middle Wallop Fair Oak Butlocks Heath Hammer Bottom Froxfield Green Totford Farleigh Wallop Sholing Common Quarley Hamble-le-Rice Newtown Battramsley Cross London Minstead Bitterne Shootash Frogmore Shirley Peel Common Four Marks Bunstead Rushington Bell Hill Cliddesden Darby Green Stonyford Eastney Baybridge Bucket Corner Ratlake Hurstbourne Priors Newtown Brighton Hill Pondtail Axford The Frenches Heather Row Tapnage Ashley Newnham Upper Wield Burley Street Ampfield Setley Weston Corbett Segensworth Upper Common Hilsea Shalden Walton Heath Amport Bailey Green Martin Hill Brow Beaulieu Hatchet Green South Gorley Hounsdown Maybush West Stratton Gundleton Kimbridge Warnford Compton End Wyck Mill Green Dibden Purlieu Tufton Forton Moorgreen Pardown Little Holbury Clanville Otterwood Newtown Pound Green Stonymarsh Eastoke Cricket Hill Furzeley Corner East Wellow Itchen Abbas Port Solent Thruxton Bishop's Waltham West Down Wolverton Common Pilley Shobley Martin Drove End Woodgreen Upton East Stratton Egypt Red Hill Upper Burgate Barton on Sea West Common Mortimer West End Charlwood Kingston Northbrook Racedown Bramley Horton Heath Catisfield West End Brockenhurst Dry Hill Sherfield English Mill Lane Woolston Yateley Portsmouth Hannington Fox Lane Mead End Ogdens Farnborough Wadwick North Boarhunt Wimpson Midanbury Warren Corner Clatford Oakcuts Old Portsmouth Batt's Corner Chilton Candover Faberstown Weston Broadgate Selsmore North Poulner Haughurst Hill Dogmersfield East Boldre Nursted East Martin Warnborough Green Bridgemary Soake Hill Top Fisher's Pond Hartfordbridge Warsash Empshott Green Lockerley Fleet Ashurst Wilsom Arford Ashton Beckley Monkwood Bucklers Hard Sherborne St John Walhampton Hordle Hillstreet Plastow Green Lower Burgate Daneshill Wecock Northbrook Blashford Ham Green Pound Street North Baddesley Upper Slackstead Tye Buttsash Liphook Old Basing Netley North Ripley Rowlands Castle Calmore Weyhill Bucks Horn Oak Northam Shirley Rye Common Ripley Lower Ratley Montgomery Lines Vernham Row Chilworth Avon Exton Bidden Hollington Butt's Green Fullerton North Kingston Bisterne Close Old Milton Ashford Hill Ellingham South Farnborough Titchfield Park Tot Hill Boyatt Wood Bransbury Wherwell West Ham Hensting Langrish Inhurst Upham Fair Oak Green Townhill Park Cold Ash Hill East Meon Wymering Lower Wield Lymington Widley Stoke Charity Lower Upham Sandford Silchester Ovington Newtown Andwell Kitwood Boldre Steep Liss Steventon Burghclere Common Goodworth Clatford Farnborough Park Langley Colden Common Causeway Woodcott Rowner Highwood Dibden Turkey Island Ropley Chandlers Green Applemore Gilbert Street Privett Eling Standford Thornhill Park Swaythling Waterford Hunton Park Gate Hatchet Gate Dunbridge North Street Rake Common Hale Old Alresford Whitehill Brown Heath East End Durley Kimpton Chidden Hyde Kingsclere Lynch Hill Whitchurch West Worldham Awbridge Linwood Kingsmead Enham Alamein Shorley Passfield Conford Wootton St Lawrence Fareham Catherington Balmerlawn Rake Hyde Pennington Chilbolton Down Sherfield on Loddon Avington Sheet Old Netley Old Burghclere Andover Down Latchmere Green Stamshaw King's Somborne Faccombe Blackfield Upper Bullington Hazeley Bottom Cowplain North Town Headley Hill Side Denmead Salters Heath Greywell New Brighton Hursley Bank Burley East Aston Heathfield Turgis Green Tidpit Charlton Three Ashes The Mount Up Somborne Gobley Hole Shalden Green Purbrook North Camp Timsbury Lower Bordean West End Green Fair Oak Damerham Blackmoor Havant Nately Scures Cove Bentley Bramdean Green, The Steep Marsh St Giles's Hill West Tytherley Bursledon Little Ann Halterworth Bashley Park Lasham Portchester Westfield Bagmore Stanmore Plaitford Newtown Filmore Hill Anchorage Park Rockbourne Minstead Bramley Green West Tisted Soberton Heath Sparsholt Lower Bullington Stoner Hill Bishop's Sutton Lord's Hill Upton Netherton West End Fleetend Sleepers Hill Shipton Bellinger Binstead North Street Southington Stockbridge Bartley Hollywater Upper Street Stockheath Chilbolton Lower Turmer Colemore King's Furlong Holt End Lepe Little Somborne Lower Pennington Farlington Emery Down Stoke Common Rotten Green Nutburn Abbotstone North End West Meon Woodlands Little Posbrook Clanfield East Woodhay Beech Lynch Farnborough Street Ashlett Stroud Penwood Brockhurst Foulford Smannell Langdown Bransgore Sholing Tiptoe Dora's Green Drayton Empshott Nashes Green Whitway Dean Meonstoke Northney West Wellow Beauworth Lyndhurst Swarraton Penton Grafton Stony Heath Newfound Clarken Green Nob's Crook Hightown Hurstbourne Tarrant Bossington Wildmoor East Dean Up Green Meon Tipner Stony Batter Hinton Furzley Church End Church Common Lower Common Coombe Sandleheath Pamber Heath Ball Hill Southwood Frogham Kents Oak Fryern Hill Wickham Woodley Sopley Ocean Village Ropley Soke Ladwell Ellisfield Hound Stonehills Longparish Crux Easton Alverstoke Hightown Fawley Southampton Fulflood Burgates West Heath Rockford Marchwood West Leigh Mattingley North Warnborough Bowling Green Hiltingbury Hook Park Ewshot Egbury Tote Hill Turmer Hardley Headbourne Worthy Poulner Milford on Sea Burghclere Brook Hill Curdridge Anmore Romsey Bassett Penton Mewsey Hearn Northington Cadnam Furzey Lodge Blacknest Brockhampton Spanish Green Wildern Lee-on-the-Solent South View Mapledurwell Ashurst Bridge Fleetlands Gosport Martyr Worthy Highbury Kingsley Rotherwick Chineham Overton Houghton Swelling Hill Anna Valley North Charford North Gorley Bickton Ossemsley Carter's Clay Hartley Wintney Picket Piece Hawkley Fleet Whitenap Eversley Foxhills Littledown Criddlestyle North End Botley Stratfield Saye Easton Hazeley Heath Newtown Blissford Chawton Eversley Cross Golden Hill Greatham Moortown Weston Common South Down Brown Candover Spearywell Holt Pound Grateley High Cross Lower Brook North End Neatham Sleaford Harefield Heath End Langstone Bishopstoke Godshill Newton Stacey Little London Broughton Pylehill Knights Enham Wintershill Chilcomb New Town Crow East Liss Tangley Upper Shirley East Anton Barton Stacey Gable Head Cuckoo's Corner Bowling Alley Lee Shortheath No Man's Land Southsea Furze Hill Woodmancott Axmansford Earlstone Common Clayhall Pamber End Upton Grey Newbridge Standon Curbridge Millbrook Corhampton Quidhampton Somers Town Knowle Waterditch Highbridge The Dene Copnor Upper Froyle Red Rice Upper Swanmore Ringwood Forest Gate Kings Worthy Mottisfont Ashe Finchdean Portsea Island Vernham Bank Hook Horndean Ashley West Green Hawley Lane Ibsley Hatch Critchell's Green Newtown Monk Sherborne Long Sutton Lower Daggons Buckland Rushmere Pilley Bailey Lane End Bradley Ashmansworth Mead End Selborne East End Brambridge Sarisbury Warblington Bordon Penton Corner North Hayling Whiteley Freemantle Boorley Green Newgrounds Hoe Woolton Hill Upper Ratley Harbridge Green Row Ash Droxford Lower Swanwick New Alresford Breamore East Green Calshot Bighton Goose Green Highfield Oliver's Battery Woodlands North Waltham South Hayling South Town Stratfield Turgis Headley Down Flexford Wallington Cosham Blackdown Fratton Eastrop Braishfield The Mint Norleywood Lowford Woodington Burridge Birchy Hill Upper Wootton Popham Crockerhill Blendworth Buckskin Grayshott Gore End Sway Warren Corner Deane Eastland Gate Stoney Cross Basingstoke Hillyfields Wheat Hold Tadley Ramsdean Goose Hill Silkstead Linford Neacroft Wimble Hill Cufaude Tichborne Bassett Green North Weirs Laverstoke Peartree Green Farnborough Green Ibthorpe Crookham Village Exbury Netley Marsh Hatch Bottom Monxton Worlds End Pikeshill Crondall Blackwater Bramley Corner Cottonworth Leckford Hoe Gate Mockbeggar Swampton Southrope Brook Heath Green Winchfield Hurst Portsea Emsworth Morestead Church Oakley Leagreen Littleton Crawley West Meon Clayhill Portmore Longstock The Butts Picket Hill Headley Durley Street Bitterne Park St Denys Black Dam Winsor Chandler's Ford Soberton Heckfield North Stoneham Furzedown Harestock Frenchmoor Thornhill Testwood Charter Alley Oakridge Winklebury South End Woodside South Wonston Shawford Forton Bisterne Bedhampton Foxdown Cheriton Hartley Wespall Leigh Park Broadoak Hazeley Coxford South Baddesley Horsebridge Brook Appleshaw Winnall Dean Winslade Aldershot Waterlooville Wildhern Brockbridge Pheonix Green Couch Green Petersfield Hollington Cross Sandy Down Hatherden Nutley Abbotts Ann Long Common East Tytherley Swanmore Landport Shirrell Heath Vernham Dean Compton Northfields Hardway Kilmeston Griggs Green Stubbington Houndmills Shirley holms Eastleigh Hambledon Heath End Ramsdell Bashley North Houghton Hill Head Popley Ashansworth Palestine North End Little London Baughurst Gosport Chilworth Old Village Titchfield Common Glebe Pucknall Hatt Hill Milton Cole Henley Colt Hill West Liss Upper Canterton Worting