Inheritance Tax Planning in Huntington

Get in touch

Inheritance Tax Advice in Huntington

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 HR5 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 Huntington (Herefordshire)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Holywell Callow Leinthall Earls Three Ashes Golden Valley Dorstone Bredenbury Bush Bank Aulden Tillington Pikestye Huntington Cockshoot Stanford Bishop Lulham Foxley Catley Southfield Broomy Hill Lower Bullingham Little Cowarne Hampton Bishop Colwall Green Stoke Edith Grendon Bishop Munsley Hampton Park Clehonger Lower Harpton Churchfield Preston Marsh Field Elton Ashfield Croft Byford Common Urdimarsh Brinkley Hill Bleak Acre Sollers Dilwyn Newton Easthampton Bromsash Enmore Field Little Tarrington Monkland Brampton Bryan Hawkersland Cross Upper Breinton Docklow Birchall Kenchester Pipe Aston Crizeley Llangrove Kingstone Newtown Wigmore Brilley Putson Hardwicke Bringewood Forge Brinsop Common Middleton on the Hill Leintwardine Burmarsh Staunton on Wye Putley Green Orcop Hillhampton Ledbury Longtown Upper Dormington Withington Marsh, The Hope's Rough Garway Hill Foy Rushock Marlas Lawton Coxall Marstow Archenfield Gilfach Bishon Common Berrington Green Weobley Marsh Birtley Marston Aylestone Hill The Rhydd Westbrook Strangford Tedstone Wafer Pudleston Ruxton Cornett Lower Welson Ross-on-Wye Westfield Garway Lyonshall Wood End Upper Broxwood Moorend Cross The Bage Red Hill Buckton Upper Welson Blakemere Moor Park Weston under Penyard Bodenham Moor West Town Poolmill Field's Place Wormsley Shucknall Thruxton Five Bridges Loxter Haven Fownhope Winnal Falcon Monkhide Stansbatch Cross Llyde Orleton Bridge Sollers Warham Byford Golder Field Byton Hand Vauld, The Elms Green Maund Bryan Fawley Chapel Gosford Old Wharf Pen-y-Park Rhydspence Tudorville Madley Ullingswick Kerne Bridge Burghill Pipe and Lyde Sunset Michaelchurch Escley Almeley Little Gorsley Aston Crow Hill Almeley Wootton Hildersley Eign Hill Brelston Green Much Cowarne Stretford Court Treaddow Bagwyllydiart Elton's Marsh Sutton Marsh Bishops Frome Limebrook Bowley Leominster Huntington Welsh Newton Common Lugwardine Pencombe Much Marcle Checkley Goose Pool Crocker's Ash Shutton Kington Orleton Common Pen-allt Twyford Common Bradlow Hundred, The Widemarsh Bartonsham Phocle Green Glewstone Marden Knapton Green Thornbury Wormbridge Tarrington Beavan's Hill Wootton Yarsop Allensmore Hurstley Bromyard Downs Marston Stannett Luston Bosbury Knill Brampton Abbotts Tillington Common Munderfield Row Chickward Clifford Bowley Lane Fox Hill Birchend Sapey Common Batchfields Edwyn Ralph Ebnall Little Merthyr Symonds Yat Llanwarne King's Acre Elsdon Stretton Sugwas Hales Bank Upper Hardwick King's Caple Barton Court Comberton Upton Crews Burley Gate Bircher Upper Hergest Hamnish Clifford Upper Colwall Acton Beauchamp Llancloudy Combe Moor Westfields Rodd Hurst Barnfields Larport Shenmore Linton The Fording Broadmoor Common Cockyard Harewood End Much Birch Callow Hill Ruxton Green Gorsley Common Wolferlow Highway Kinton Stoke Hill Tyberton Shirl Heath Merbach Stretton Grandison Lower Breinton Hungerstone Kingsfield Portway Westhide Lower Broxwood Fromes Hill Stoke Prior Kerry's Gate Trumpet Pontshill Greytree Leinthall Starkes Eaton Bishop Mansell Gamage Peartree Green Alder's End Fromington Newton Abbey Dore Kimbolton Kinnersley Yarkhill Cradley Stoke Lane Kiln Green Upper Hamnish Brand Green Stanley Hill Sugwas Pool Carey Prior's Frome Broad, The Richards Castle Collington Ruckhall Walterstone Lea Wynn's Green Edvin Loach Upper Egleton Eardisley Bullinghope Penrhos The Knapp Felton Green Lane Crozen Burrington Breinton Common Lower Grove Common Cobhall Common Little Hereford Eye Cross Keys Tupsley Holmer Bringsty Common Castle Frome Ewyas Harold Colwall Whitney-on-Wye Saffron's Cross Tarrington Common Lucton Penguithal Altbough Hyde Rushall Holme Lacy Marlow Arrow Green Lower Hardwick Pool Head Lyde Cross Woolhope Blacklands Rowlestone Bromyard Ballingham Wynds Point Grendon Green Lingen Combe Ivington Shelwick Green Stockton Risbury Ford Tedstone Delamere Whitechurch Maund Llanveynoe Wormbridge Common Weston Titley Little Dewchurch Lyne Down Little Birch Eastwood Lower Town Clock Mills Great Doward Upper Maes-coed Lower Burton Ryelands Swainshill Parkway Winnal Common Stagbatch Pontrilas Lower Southfield Sapey Bridge Red Rail Acton Green Pow Green Moors, The Whitbourne Forge, The Lower Bearwood Franklands Gate Cock Gate Didley Weaven, The Portway Little Doward St Weonards Crossway Canon Bridge Welsh Newton Walford Upper Buckenhill Staplow Upton Bishop Leysters Weobley How Caple Rodd Hom Green Cobnash Woods Eaves Headbrook Lower Kinsham Barons' Cross Preston on Wye Dinedor Cross Upper Lye Dodmarsh Kynaston Brierley Grittlesend Riddle, The Lane End Moorhampton Newtown Linton Hill Hopley's Green Merrivale Stony Cross Brockmanton Adforton Wharton Lower Egleton Grantsfield Broadway Lands Mansel Lacy Woonton Even Pits Newton Rotherwas Tretire Wayend Street Stapleton Sutton St Nicholas Aylton Moccas Ocle Pychard Crumpton Hill Evesbatch Wootton Dinedor Bridstow Llangarron Nextend Steen's Bridge Common Hill Wylde Bycross Old Gore Hunderton Berrington Pencraig Little Hill Putley Willersley Hinton Humber Walker's Green Chance's Pitch Brockhampton Ridgeway Cross White Rocks Netherton Byton Hatfield Rowland's Green Floodgates Brimfield Old Forge Horseway Head Woolhope Cockshoot Totnor Waller's Green Clencher's Mill Wymm, The Fiddler's Green Newman's Place Bicton Bredwardine Kivernoll Bodenham Bank Priory Wood Calver Hill Sellack Boat Clodock White Stone Flaggoners Green Monnington on Wye Middle Maes-coed Norton Canon Kymin Beggars Ash Pembridge Amberley Mathon Venn's Green Yazor Colwall Stone Eau Withington Shelwick Yatton Canon Frome Moreton on Lugg Crick's Green Covender Stony Cross Moorcot King's Thorn St Margarets Ashton Hereford Eardisland Fine Street Uphampton Lower Hergest Grove Weston Beggard Wormelow Tump Lower Lye Nutfield Panks Bridge Durlow Common Lugg Green Upper Town St Owen's Cross Whyle Halmond's Frome King's Pyon Pixley Aymestrey Wyson Dormington Bolstone Rudhall Snodhill Marlbrook Bodenham Stoneyard Green Cusop Baysham Ballingham Hill Munstone Linley Green Bridge End Upper Hill Sutton Lakes Monmarsh Holme Marsh Swinmore Common Vowchurch Common Peterstow Bull's Hill Munderfield Stocks Ashley Moor Sallys Cholstrey Eaton Nash Parton Winforton Michaelchurch Green Crize Putley Common Meer Common Upper Lyde Storridge Tumpy Lakes Ashperton Bradnor Green Bartestree Lower Todding Upper Kinsham Craswall Cleaver, The Coughton Whitton Ludstock Birley Middleton Credenhill Bowley Town Kingstone Bishopstone Preston Wynne Grafton Brinsop Perrystone Hill Lower Buckenhill Little Marcle Wellington Heath Tram Inn Dilwyn Ledicot Veldo Kingsland Litmarsh Upper Sapey Walford Sutton St Michael White Cross Leys Hill Turkey Tump Hole-in-the Wall Upcott Ladyridge Shobdon Howton Greenhill Meadow Green Stocking Ganarew Perton Peterchurch Kentchurch Lea Line Evendine Moreton Jeffries Brobury Orcop Hill Whitchurch Bacton Wellington West Lydiatt Mortimer's Cross Mordiford Tidnor Clouds Hagley Old Country Stoke Cross Eyton Burcher Stowe Canon Pyon Yarpole Norbridge High Lane Coddington Bearwood Sellack Ham Green Moreton Aston Crews Haven Blackmarstone Stoke Lacy Stretford Woonton Letton Letton New Mills Eastnor Wofferwood Common Broad Oak Wilton Aston Ingham Kilpeck Hope Mansell Westhope Hales Wood Lower Maes-coed Flintsham Paradise Green Kingswood Hill Gate Staunton on Arrow Upper Grove Common Goodrich Hoarwithy Auberrow Dancing Green Callow Marsh Sarnesfield Turnastone Newton Wilson Sollers Hope Wacton Vowchurch Millhalf Much Dewchurch Hope under Dinmore