Inheritance Tax Planning in Freiston Shore

Get in touch

Inheritance Tax Advice in Freiston Shore

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 PE22 0 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 Freiston Shore (Lincolnshire)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Market Rasen Bleasby Dragonby Garnsgate Slackholme End Midville Birthorpe Knaith Haconby Fleet Earlesfield Barrow upon Humber Market Stainton Covenham St Mary Rippingale Elsham Redbourne Sots Hole Wargate Great Coates Eskham Westhorpe Walcot Pyewipe Sedgebrook Ketsby Boultham Moor Cumberworth Kirkby Green Keal Cotes Langton Somersby Boston Long Hedges Marshchapel Grebby Wainfleet Bank Theddlethorpe All Saints Walmsgate Wybers Wood Wragholme Fold Hill Nettleton Top Aunsby Wyville Spittlegate Maltby Weelsby Aswardby Frithville Brotherhouse Bar Rowston Leverton Highgate Butterwick Keisby Holbeach Clough Welton Burton Pedwardine Great Gonerby Castlethorpe Howsham Moulton Eaugate Braceby Stickney Galley Hill Little Common Shepeau Stow Little London West Field Heapham Little Bytham Scothern Hawthorpe Greetwell Old Gate Ropsley Newham Usselby Moorby New Leake Asserby Turn Scamblesby Fiskerton Whitton Hagnaby Lock Faldingworth Hemswell Old Clee Haddington Holton le Clay Lobthorpe Dunston Normanby by Stow Broughton Ranby Seathorne Boughton Halton Fenside Gayton le Marsh Horkstow Wroot Stowe Folkingham Quadring Eaudike New Barnetby Beckingham Kelby Belnie Grey Green Morton Morton West Ravendale Harpswell Ulceby Skitter Stubton Langworth Fenton Syston Gainsborough Covenham St Bartholomew Swallow Old Bolingbroke Ashby de la Launde Worlaby Sutton St Edmund Toft Hill Chain Bridge Thornton Mablethorpe Worlaby Brampton Skidbrooke North End North Elkington Timberland Aisby Aby Dorrington Fosdyke Bridge Ulceby Old Leake Panton Hubbert's Bridge Grant Thorold Fulney Thorganby Trusthorpe Wressle Colsterworth Skegness Searby Newball Moortown Guthram Gowt Crowle Hogsthorpe Aunby Great Ponton Toynton All Saints Linwood Monksthorpe Lutton Will Row Waddingworth Wootton Cold Harbour Fulbeck Evedon South Willingham Santon Coningsby Brattleby Thoresthorpe Barholm Dowsby Little Ponton Tealby Muckton Beelsby Tattershall Bridge Castle Bytham Upperthorpe Great Steeping Rectory, The Pointon Barkston Marston Brant Broughton Little Welton Horbling Ulceby Eagle North Somercotes Stamford Coleby Newton on Trent Girsby Wrangle Lowgate Osbournby Normanton-on-Cliffe Belchford Leake Hurn's End Strubby Stainby Luddington Helpringham Sutton Crosses Wilsford Bullington Great Limber Broxholme Roughton Scawby Withern Legsby Ludborough Northbeck Bishop Norton Ludney Bransby North Reston Normanby le Wold Stroxton Gedney Drove End Sutton Corner Thornton Curtis Pode Hole Mareham on the Hill Benington Sibsey Fen Side Bardney Irby upon Humber Long Sutton Stainfield Tumby Woodside Gedney North Rauceby Woodside Wharton Sotby Mavis Enderby Morton Church End Ingoldmells Kirmond le Mire Littlefield Quadring Riby Woodnook Saxby All Saints Manton Warren Hemingby Blankney Poplar Grove Aubourn Heckington Claxby Gunness Mill Place Biscathorpe Gelston Cherry Willingham Low Burnham Doddington Whisby St Giles Barrow Hann Thurlby Alvingham Spital in the Street Spanby Kirton End Grainthorpe Broadholme Burton Corner Laughterton Grimoldby Bunker's Hill Birkholme Mawthorpe Caythorpe Tothill Boultham Harrowby Toft Stenwith South Kelsey Irnham Ewerby Thorpe East Keal Benington Sea End Cadney Belton Melton Ross Skeldyke Bilsby Field Apley Gunby Gedney Hill Great Hale Irby in the Marsh Witham on the Hill Cuxwold Grange Bilsby Culverthorpe Sutton Bridge Wragby North Kyme Skendleby Psalter Stainton by Langworth Bleasby Moor Moulton Chapel Lissington Low Fulney Bishopbridge Ashby Puerorum Kexby Gayton le Wold Snitterby Hundleby Alford Risby Boston West North Owersby Torksey Frith Bank Low Barlings Wellow Roxby Surfleet Anderby Creek Hougham Brumby Croxby Greylees Pinchbeck Tunnel Pits Harrington Dalby Claypole Horncastle Grimsby Small End Markby Church Town Hundle Houses Roughton Moor Hilldyke Saracen's Head North Killingholme Boothby Graffoe Theddlethorpe St Helen Tattershall Thorpe Belleau Strugg's Hill Canada Great Carlton Sutton on Sea Leake Firsby Tathwell Ancaster Fordington Kirkstead Swarby Haltham Croft Martin Kelfield Springthorpe Hasthorpe Bassingham Bourne Burton-by-Lincoln Little Wisbeach Haxey Carr Ludford Carrhouse North Scarle Manthorpe Foston Bonthorpe Helsey Frodingham Freiston Shore Blyton Thorpe on the Hill Friesthorpe Scunthorpe Brandy Wharf Scrafield Wrangle Bicker Bar Ruckland Gunthorpe Sausthorpe South Ormsby New Bolingbroke Caistor Conisholme Gunby West Rasen North End Sleaford Belton Gedney Dyke Billinghay Bracebridge Gipsey Bridge West Carr South Somercotes Hough-on-the-Hill Towngate Barrowby Welton Hill Barlings Wainfleet Tofts Gayton Engine Willoughton Ingoldsby Deeping St Nicholas Heydour Legbourne South Carlton Corby Glen Glentworth Weston Bottesford Howell Martin Dales Swinderby Spilsby Kirkby la Thorpe Keelby Church End Burnham Burtoft Wigtoft Swinhope Cowbridge Little Carlton Kelstern Barnetby le Wold High Ferry Winterton Fotherby Normanby Langrick Bridge Sandtoft Great Sturton Baston Cabourne Barton-Upon-Humber Woodthorpe Holton le Moor Asterby Kirkby Underwood Saltfleetby St Clement New Waltham Waddington Hagnaby Holme Hill Silk Willoughby North Ewster Muckton Bottom Thorpe le Vale Fishtoft Hoffleet Stow Waltham Woolsthorpe By Belvoir Winthorpe Old Somerby Withcall West Torrington Louth North Ormsby Fosdyke Stoke Rochford Winceby Sudbrook West Butterwick Langton by Wragby Cleethorpes Langholme Sturton Carlton-le-Moorland Clark's Hill Blyborough Carrington Brocklesby Humby Kirmington North Greetwell Haven Bank Leake Fold Hill North End South Rauceby Haugham East Butterwick Tetney Lock Northorpe Sandilands Croxton Wrangle Low Ground Oasby Black Barn Holbeach Sutterton Dowdyke North End Fishtoft Drove South Ferriby Yarborough Moulton Seas End Humberston Osgodby Northgate East Kirkby Brookenby Risegate Easton Brigsley Sixhills Freiston Edlington Scartho Bonby Raithby by Spilsby Orby Heathfield Bassingthorpe Scrivelsby Nene Terrace Three Bridges Lincoln Long Bennington Brigg Spridlington Wainfleet All Saints Grainthorpe Fen Young Wood Obthorpe Lodge Riseholme Leverton Driby Fulstow Moor Side Throckenholt Kirkby Thorpe Fendykes Hungerton Willoughby Asgarby Binbrook Manor Hill Corner South Owersby South Killingholme Castle Carlton Little Sutton Upton North End Rigsby Stainton le Vale Sudbrooke Yaddlethorpe Thoresway Stainfield South Elkington Seacroft Hanby Reed Point Coates Scopwick Pickworth Messingham West End Westrum East Marsh Saleby Beesby Billingborough Wrawby Beltoft Miningsby Skirbeck Quarter Greatford Reepham Thorpe St Peter Winteringham Harlaxton Brandon Dickon Hills Seadyke Fenhouses North Kelsey Revesby Bridge Isle of Axholme Barrow Haven Donington on Bain Fenton Sturton by Stow Thetford Saxilby Alkborough Woodhall Spa Sturgate Great Tows Grayingham Burton Stather Laceby Acres Holland Fen New Boultham North End Westgate White Pit Scremby Northorpe Aisby Clixby Newton Wykeham Bulby Swaby Green Hill Clay Lake Yawthorpe Mareham le Fen Dunsby Potterhanworth Halton Holegate Willoughby Hills Grainsby Walcot Sutton St James Candlesby Thorpe Latimer Boothby Pagnell Leasingham Toynton St Peter East Lound Tallington Epworth Walesby Grange Threekingham Westby Welton le Wold West Deeping Maltby le Marsh Burton upon Stather Baumber Medlam West Houses Friskney Nunsthorpe Toynton Fen Side Dunholme Habrough Aslackby Southrey Crowle Hill Amcotts The Hallands Loosegate Owston Ferry Spalding Reasby Gonerby Hill Foot Carlton Scroop Marton Welbourn Thorpe Tilney Haltoft End Whaplode Drove Thealby Owmby East Ferry Tamworth Green Little Grimsby Reedham Healing Guy's Head Buslingthorpe Holbeach Drove Mumby Crowle Park Halesgate Pinchbeck West Whaplode Farforth Authorpe Caenby Saltfleetby St Peter Asgarby Sandholme Goulceby Bag Enderby Keddington Corner Walesby Frognall Scott Willoughby Millthorpe Witham St Hughs Creeton Hameringham Skillington Port Sutton Bridge Holdingham Addlethorpe South Thoresby New Holland Huttoft Ashby Swinstead Island Carr Lea Leadenham North Carlton Holton cum Beckering North Willingham Partney Little London Hannah Atterby Sandy Bank Croxby Top Tetley Stapleford New End Cowbit Braceborough Frampton West End Dyke Thornton le Moor Scotton Algarkirk Burgh le Marsh Bicker Leake Commonside The Willows Burgh on Bain Scotterthorpe Gosberton Cheal Burwell Fen End Owmby-by-Spital Habertoft Dowsdale Benniworth Camp Hallington Ashington End Wainfleet St Mary Wold Newton Allington Crowland Little Limber Dovendale Nettleton Ealand Fockerby Wrangle Bank Haxey Hedgehog Bridge Middle Rasen Hall End Cammeringham Cawthorpe Donington Tydd Gote Stewton Fen Side Blackjack Toby's Hill Hemswell Cliff Swayfield Wickenby Fulnetby Keadby Sutton Kirton in Lindsey Frieston East Firsby Low Risby New England High Toynton Gosberton Clough Scampton West Ashby Ewerby Harmston Langrick West Keal Stallingborough Londonthorpe South Reston Welton le Marsh Swaton Tongue End High Barn Thurlby Minting Old Woodhall Graiselound Birchwood Greetham Normanby-by-Spital Stockholes Turbary Sapperton Dalderby Thimbleby West Halton Crosby Fleet Hargate Hatton Scrub Hill Windsor Leverton Outgate Bigby Scotland Ashby by Partney Digby Martin Scrane End Bicker Gauntlet Northlands Scredington Immingham Authorpe Row North Cockerington Cawkwell South Kyme Washingborough Baythorpe Swinethorpe Brand End Kirton Hibaldstow Austen Fen Raithby Garthorpe Leverton Lucasgate Glentham Moulton Stixwould Denton North Kelsey Moor North End High Risby Knaith Park Yarburgh Austendike Crossgate Little Steeping Wilsthorpe Hanthorpe Little London Edenham Swineshead Otby South End Thorpe Skendleby Westborough Hagworthingham Hainton Bracon South Witham Quarrington Grasby Holme West Willoughby Tydd St Mary Lenton Toft next Newton Lade Bank Anwick Dry Doddington Sempringham Wellingore Friskney Eaudyke Wildsworth Little Cawthorpe Flixborough Langtoft Saltfleetby All Saints Low Toynton Revesby East Halton Waithe Tetford Snelland Nettleham Flixborough Stather Tattershall Honington Fulletby Bracebridge Heath Swineshead Bridge North Thoresby North Witham Utterby Grantham Stowgate Mill Hill Westwoodside Stickford Eastville Eagle Barnsdale Brothertoft Eastoft Dawsmere Chapel Hill Claxby St Andrew Corringham Norton Disney Stenigot Manton Aswarby Metheringham Manby Anderby Heighington West End Swallow Beck Saxby Bitchfield Grimsthorpe Sutterton Kettlethorpe Hagnaby Horsington Althorpe Moorhouses Navenby Stow Bradley Wasps Nest Kingerby Walcott Claythorpe New York Sibsey Maidenwell Rothwell Hawthorn Hill Woolsthorpe-by-Colsterworth Ashby cum Fenby Fishmere End Dogdyke Carlby Appleby Laughton Sloothby Broughton Common Holbeach Bank North Cotes Bucknall Graby East Barkwith Barnoldby le Beck Penny Hill Little London Kirton Holme Drayton Tetney Skirbeck Langton Cackle Hill Salmonby Saltfleet East Ravendale Sandbraes Ailby Little Coates Kirkby Fenside Gosberton Ingham Wispington Holbeach St Matthew Chapel St Leonards Rimac Barton Waterside Little Hale Lutton Gowts Branston Farlesthorpe Burringham Horkstow Wolds Kirkby on Bain Skellingthorpe West Marsh Donington South Ing Wilksby East Torrington Scotter Uffington Tumby Ruskington Ashby Hill East Stockwith Laughton Coleby Wood Enderby West Barkwith Twenty South Hykeham Aisthorpe Fillingham Hop Pole Lower Bassingthorpe Bratoft Wyberton Brinkhill Well Canwick South Cockerington Donington Eaudike Careby Weston Hills Keddington Stragglethorpe Anton's Gowt Burton-le-Coggles Cold Hanworth Gautby Epworth Turbary Haugh Lusby Bradley East Heckington Potterhanworth Booths Goxhill Newtoft Haceby Welby Hatcliffe Sutterby Boston Snarford Martin Moor Bucklegate Asperton North End Calceby Holbeach St Marks Stainsby Cranwell Thurlby Holbeach Hurn Ermine Humberston Fitties Hackthorn Rand Holbeach St Johns Woodhouse North Hykeham Manthorpe Newton by Toft Susworth Donna Nook Surfleet Seas End Pilham Derrythorpe Frampton Peak Hill Somerby Branston Booths Listoft Thorpe Culvert Swanpool Laceby Hareby Deeping St James Northorpe Waddingham Dembleby Nocton Willingham by Stow Aylesby Market Deeping Chapelgate Asserby Bridge End Oxcombe Skidbrooke