Inheritance Tax Planning in Wrangle

Get in touch

Inheritance Tax Advice in Wrangle

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