Inheritance Tax Planning in Higher Croft

Get in touch

Inheritance Tax Advice in Higher Croft

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 BB2 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 Higher Croft (Lancashire)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Cockden Mossy Lea Hurstwood Fence Walmer Bridge Sower Carr Higher Ballam Ulnes Walton Over Burrow Nethertown Lewth Cowpe Stydd Lane Ends Higher Audley Hardhorn Silverdale Green Kelbrook Woodnook Wrayton Stodday Barton Morecambe Tanterton Roe Lee Out Rawcliffe Penwortham Lane Torrisholme Lytham St Anne's Burnley Twiston Grimshaw Walk Mill Hud Hey Blackburn Town Centre Stubbins Lomeshaye Lane Side Peel Copster Green Beardwood Oswaldtwistle White Coppice Forton Charnock Richard Lowerford Barrow Brierfield Mereside Ribchester Hurst Green Bonds Thistleton Lower Copthurst Chorley Silverdale Riverside Docklands Shawforth Hapton Charnock Green Skippool Clayton Green Turton Bottoms Dunsop Bridge Dill Hall Whiteholme Withnell Yealand Conyers North Shore Wesham Earby Facit Wade Hall Gregson Lane Broadfield Haggate Heaton Yealand Redmayne Eccleston Goodshaw Chapel Bank Fold Pleckgate Thorpe Green Higher Wheelton Ortner Chatburn Scronkey Rufford Bracewell Wymott Lumb Hawes Side Fold Head Grindleton Turner Green Hurlston Green Edgeside Mythop Lightfoot Green Edgworth Cowling Ingol Fleetwood Hutton Halton Green Waddington Bolton Town End Preesall Mellor Brook Reedley Five Lane Ends Ewood Johnson's Hillock Accrington Hyndburn Bridge Scaitcliffe Chipping Moor Side Red Bridge Wiswell Lostock Hall Whin Lane End Scarth Hill Lower Heysham Hambleton Wrea Green Bolton Houses Cotton Tree Waterslack Turn Great Marton Green Haworth Hurlston Ford Green Aughton Brownhill Aughton Rishton Sand Side Nelson Waterloo Grunsagill Bolton-by-Bowland Upper Thurnham Stanley Gate New Town Easington Cowan Bridge Shadsworth Arkholme Crawford Clayton-le-Woods Lowgill Little Moor Pinfold Pickup Bank Larches Bispham Burscough Tarlscough Grimeford Village Cuerden Green Moss Side Pincock Knotts Tontine Cherry Tree Tarnbrook Revidge Bolton Green Winmarleigh Moss Calder Vale West End Layton Nether Burrow Lower Thurnham Balladen Salterforth Birch Green Newchurch in Pendle Nateby Yealand Storrs Rosehill Slaidburn Downholland Cross Hill Dale Street Ellel Lytham Pleasington Whitworth Dam Side Hall Green Hesketh Lane Hoohill Much Hoole Padiham Walton-le-Dale Old Langho Newby Smithy Lane Ends Nun Hills Oakenshaw Mowbreck Willacy Lane End Crossmoor Barley Green Glasson Cadshaw Scotforth Tanhouse Read Higher Heysham Esprick Medlar Chapel House Sunnyhurst Catforth Lane Ends Common Edge Holland Lees Milnshaw Warbreck Cold Row Cantsfield Melling Scale Hall Dangerous Corner Lathom Ribbleton Bispham Green Parbold Little Thornton Higher Penwortham Stalmine Moss Side Farington Colne Whinny Heights Chatterton Great Altcar Town Green Inglewhite Whalley Banks Garstang Nab's Head Weld Bank Black Pole Grange Farington Edge End Horton Weir Longridge Little Hoole Moss Houses Kirkham Baxenden Haskayne Brockhall Village Greave Blackleach Bowker's Green Bretherton Great Plumpton Clayton Le Dale Lower Penwortham Brindle Waterside Whitehall Wray Clifton Poulton-Le-Fylde Osbaldeston Holmes Anderton South Shore Skelmersdale St Michael's on Wyre Blackpool Dolphinholme Haighton Green Water Primrose Hill Churchtown Barber's Moor Adlington Park Corner Row Pippin Street Whitewell Rose Grove Townsend Fold Habergham Queen's Park Blacksnape Hollins Lane Warton Hambleton Moss Side Coppull Aughton Park Bacup Burnley Wood Broughton Tardy Gate St Annes Peel Hill Brook Bottom Euxton Matshead Newchurch White Lund Rawtenstall Fulwood Sandylands Little Plumpton Ireby Woodplumpton Hale Nook Broadfield Myerscough Smithy Irwell Vale Osbaldeston Green Heaton's Bridge Longton Copp New Lane Far Banks Samlesbury Hoddlesden Brownside Hoghton Bottoms Britannia Lane Heads Church Clough Dinckley Knott End-on-Sea Gisburn Claughton Clayton-Le-Moors Tatham Hampson Green Bickerstaffe Halsall Grimshaw Green Wharles Middleton Hornby Love Clough Robin Hood Brown Edge Marsh Houses Hindle Fold Slyne Blacko Sawley Stopper Lane Freckleton Much Hoole Moss Houses Lea Town Lower Darwen Carr Cross Stanhill Roseacre Worsthorne Forest Becks Bank Top Treales Little Marsden Elmslack Conder Green Duncombe Bescar Goose Green Brookhouse Feniscowles Westhead Belthorn Leck Brinscall Staynall Halton Samlesbury Bottoms Ollerton Fold New Hall Hey Haighton Top Ewood Bridge Tockholes Newbridge Claughton Bilsborrow Dunnockshaw Flax Moss Higherford High Moor Little Eccleston Norcross Swillbrook Farington Moss Rising Bridge Marsden Height Heskin Green Bolton-le-Sands Hesketh Bank Potters Brook Breedy Butts Belgrave Middleforth Green Nether Kellet Bare Top o'th' Lane Horrocksford Whitechapel Ashurst Howick Cross Wilpshire Saltcotes Aldcliffe Sabden Whalley Worston Goodshaw Fold Moor Side Harle Syke The Row Hunger Hill Hall Cross Barnoldswick Little Harwood Ratten Row Birkacre Barley Hey Houses Lane Ends Constable Lee Newton Abbeystead Lane Bottom Tewitfield Stalmine Great Eccleston Rimington Stacksteads Guide Shaw Green Wood House Hall Green Up Holland Mellor Ansdell Sherfin Whitewell Bottom Lane End Cow Hill Wennington Little Poulton Rockcliffe Pimlico Foulridge Cow Ark Dean Much Hoole Town New Longton West Bradford Haslingden Sunny Bower Sharoe Green Preesall Park Hugh Mill Lea Cloughfold Westby Tosside Barrow Nook Green End Bottom of Hutton Hillock Vale Paythorne Abbey Village Colne Edge Bank Hey Drummersdale Wheatley Lane Leyland Dalton Singleton Trough Gate Coppull Moor Hollin Hall Holme Slack Ward Green Cross Warton Bank Brunshaw Cleveleys Newton Whittlestone Head Smallwood Hey Overtown Cumeragh Village Cottam Myerscough Limbrick Hesketh Moss Wrightington Bar Little Carleton Hest Bank Walton Summit Cliffe Butt Yeats Thornton Altham Inskip Whittle-le-Woods Anchorsholme Pennylands Midge Hall Broad Clough Lowerhouse Clayton Brook Brookhouse Heath Charnock Crag Foot Pudding Pie Nook Mawdesley Cadley Darwen Gressingham Carnforth Seed Lee Moss Edge Priest Hutton Galgate Park Close Cockerham Roughlee Pilling Riley Green Balderstone Hey Higham Lumb Preston Farleton Rose Hill Ormskirk Fishwick Knowle Green Stanah Normoss Kingsfold Little Marton Standen Hall Andertons Mill Nog Tow Clitheroe Heysham Snape Green Cabus Lammack Cocker Bar Hoghton Scorton Brock Stubbins Crag Bank Goosnargh Adlington Coates Weeton Marton Moss Side Banks Lancaster Frenchwood Trunnah Moss Edge Pool Hey Sykes Barton Kellamergh Chapeltown Borwick Pendleton Billington Capernwray Roach Bridge Bailrigg Shirdley Hill Langho Burn Naze Great Mitton Over Town Bay Horse Ring o' Bells Ribby Whitebirk Cuddy Hill Crossgill Helmshore Holmeswood Queenstown White Stake Appley Bridge Wallbank Broadley Rivington Little Moor End Blaguegate New Row Height End Wheelton West End Edge Fold Laund Wycoller Coup Green Belmont Catterall Rake Head Tarleton Higher Hogshead Little Singleton Skerton Huttock Top Downham Millhead Black Moor Sharneyford York Elmers Green Quernmore Smith Green Higher Croft Earcroft Salesbury Bowgreave Royal Oak Great Marton Moss Waterfoot Burscough Bridge Low Moor Four Lane Ends Pike Hill Squires Gate Eagland Hill Intack Mere Brow Staining Bleasdale Whalleys Bank Houses Moor End Jack Green Hundred End Elswick Bashall Eaves Newsholme Little Layton Tunstall Skitham Howgill Whittington Crawshawbooth Cribden Side Forest Holme Newton with Scales Stock Feniscliffe Larbreck Burnley Lane Lower Ballam Sollom Croston Red Scar Holden Greenhalgh Trawden Chapels Newgate Edenfield Reeds Holme Little Bispham Moss Side Holt Green Newton Clow Bridge Church Ulnes Walton Barrowford Newsham Hare Appletree Docker Tarleton Moss Grimsargh Mereclough Caton Green Sunderland Fair Oak Lucas Green Norbreck High Field Becconsall Woodsfold Earnshaw Bridge Bryning Pilling Lane Simonstone Bamber Bridge Huncoat Bay Gate Newburgh Caton Holme Chapel Warton Lower Bartle Millgate Withnell Fold Boarsgreave Over Kellet Hoscar Brookfield Winewall Runshaw Moor Abraham Heights Inskip Moss Side Spring Hill Goodshaw Higher Bartle Great Harwood Knuzden Brook Dowbridge Ridge Digmoor Little Town Elswick Leys Tottleworth Laneshaw Bridge Bent Gate Walker Fold Higher Walton Mill Hill Overton Scarisbrick Roby Mill Hartwood Spring Green Carleton Oakenclough