Inheritance Tax Planning in High Green

Get in touch

Inheritance Tax Advice in High Green

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 WV16 6 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 High Green (Shropshire)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Middleton Baggot Emstrey Heath Hill Pipe Gate Radlith Croesau Bach Roden Norton Henlle Preeshenlle Booleybank Milford Acton Round Pant Montford Bridge Trefonen Strefford Withington Coalport More Haughton Pinstones Stokesay Minton Beobridge Stanton Long Malehurst Lower Ridge Tilley Green Old Marton Henley Lower Netchwood Hadley Castle Oaks Cotonwood Pickstock Knolton Shoot Hill Cleedownton Aqueduct Allscott Hampton Beech Clunton Poolhead Ticklerton Kinton Woodhill Buttonoak Grimpo Bentlawnt Randlay Hollywaste Bronygarth Lubberland Seifton Eaton Mascott Cound Quina Brook Picklescott Westonwharf Lynchgate Grafton Sambrook Rushbury Aston Sq Chavel Pave Lane Churchbank Norton Ladyoak Worthen Charlton Knowlegate Hodnetheath Cleemarsh Ternhill Uffington Little Common Great Wytheford Weston Bettws-y-crwyn Yeaton Hillend Newton Newnes Daywall Queen's Head Down, The Brandwood Broad Lanes Chipnall Hinwood Gledrid Bluebell Pont-Faen Shirlett Monkhopton Overton Stanford Burley Pentiken Butlersbank Steel Heath High Hatton Osbaston Waters Upton Loppington Nantmawr Frankwell Upper Longwood Redhill Moreton Say Lawton Broseley Cluddley Blackford Chorley Brownheath St Martin's Barkers Green Nib Heath Priest Weston Mardy Alcaston Fitz Purslow Whitcott Keysett Conquermoor Heath Abbey Green Cressage Valeswood Clunbury Gravel Hole Morton Common Roughton Ashfields Winnington Green Little Ryton Stanwardine in the Fields Pentre-coed Coton Hill Coreley Hanwood Battlefield Bowbrook Dawley Bank Shelderton Sibdon Carwood Longslow Whitehaven Mile Oak Stirchley Wykey Cross Lane Head Ludford Upper Farmcote Sheinton Twitchen Knockin Linleygreen Whitcot Stoneylane Etsell Anchor Little Ness Lower Hayton Sutton Little London Whiston Cross Fauls Upton Cressett Montford Bayston Hill Brockton Wixhill Moston Bomere Heath Snailbeach Stockton The Sydnall Newstreet Lane Whixall Wyke Chapel Lawn Renshaw Wood Ellerdine Wentnor Enchmarsh Bearstone Pennerley Leaton Heath Lower Dinchope Stockton Elbridge Lower Beobridge Crowgreaves Little Soudley Stiperstones Tilstock Stanmore Lighteach Harmer Hill Leaton Lodgebank Grove, The Dovaston Weston Rhyn New Woodhouses Chetton Pentre-cefn Oswestry/Croeswallt Old Woodhouses Pontesbury Hill Walkmills Draycott Waymills Ford Heath Brockton Dawley Town Centre Leebotwood Norbury Eudon Burnell Eaton Muxton Cleobury North Hengoed Grindley Brook Madeleywood Newtown West Felton Wheathall Heath Lanes Long Oak Causewaywood Haughton Vron Gate Overs Calverhall Great Sutton Dryton Lawley Three Ashes The Nook Homer New Works Uckington Rhoswiel Lea Cockshutford Chirbury Whitton Edstaston Abcott Cantlop Dunnsheath Hadnall Highley Tong Norton Sutton Ale Oak Shelton Colemore Green Styche Hall Steventon Fenn Green Lushcott Atcham Ditton Priors Hallonsford Aston Pigott Coppicegate Middleton Gravelsbank Darley Shackerley Inwood Cabin Walton Marchamley Wood Wootton Oldbury Callaughton The Quarry Birtley Poynton Alkington Welsh Frankton Lyneal Mill Creamore Bank Long Common Choulton Horsebridge Ash Parva Stanton upon Hine Heath Cross Houses Rhewl Tweedale Crackleybank Preston Lee Priors Halton Snitton Ellerdine Heath Butlane Head Clee St Margaret Arleston Shrawardine Aston on Clun Tilsop Edgmond Culmington Preston Brockhurst Skyborry Green Park Hall Argoed Barrow Longden Onibury Treflach Stottesdon Ponthen Cruckton Ireland's Cross Grinshill Leamoor Common Marton Haston Ebreywood Walkmill Woodcote Lower Allscott Whittingslow Selattyn Edgmond Marsh Edge Lower Hordley Lyneal Ellesmere Shakeford Ightfield Heath Hollins Lane Ashford Carbonell Osbaston Lady Halton Broomfields Neen Savage Steeraway Pedlar's Rest Bings Heath Wernlas Waterloo Hatton Grange Sandford Habberley Lydbury North Stanton Lacy Bourton Westwood Adderley Coptiviney Prescott Belle Vue Plaish Westoncommon Lower Faintree Hampton Loade Rushmoor Donnington Barnsley Hardwick Beambridge Cheswell Knowle Sands Upper Treverward Stockton Prees Wood Weston Heath Wettles Boraston Dale Lydham Presthope Trench The Four Alls Ashford Bowdler Linley Brook Kynaston Wistanswick Sandford Donington Cheney Longville Crudgington Stoke St Milborough Newton on the Hill Lyneal Wood Chesterton Willstone Westcott Hanwood Bank Hopton Cangeford Brockton Lower Hopton High Green The Hem Asterton Merrington Weirbrook Cockshutt Nant-y-gollen Aston Rogers Weston Hilton Rhyd-y-cwm Round Oak Eardington Wattlesborough Heath Stanley Spurtree Baschurch Sleap Gravelhill Totterton Lilleshall Kinnerley Astley Lilyhurst Neen Sollars Bryn-y-cochin Middleton Obley Sodylt Bank Woundale Bridges Morton Mill Bromley Purlogue The Wood Wilcott Betchcott Oreton Llanllwyd Rushton Shrewsbury Lower Ledwyche Little Drayton Whettleton Quabbs Hemford Islington Middleton Priors Wrickton Bankshead Wellington Brockton Halfway House Morton Marchamley Cockshutt Tarts Hill Brooklands Woodlane Forton Heath Caynham Bagginswood Rosehill Duxmoor Walford Heath Benthall Nash Hopstone Cherry Orchard Diddlebury Grove, The Kempton Duddlewick Noneley Petton Vennington Bryn Ashfield High Heath Ladywell Dorrington Woofferton Lowe Tedsmore Ruckley Beckjay Rowley Posenhall Hook-a-gate Willaston Glynmorlas Handless Bulthy Crosemere Hobbins, The Cefn Einion Norton Porth-y-waen Chelmick Upper Cound The Common Little Stretton Bromley Snittongate Reabrook Bog, The Condover Eyton Broadstone Castlegreen Morda Whatmore Underton Lower Frankton Dudleston Old Field Upper Hayton Hordley Llanfair Waterdine Plealey Cleehill Much Wenlock Doddington Wall under Heywood Asterley Cleobury Mortimer Meadowtown Howle Bagley Marsh Eaton Sidbury Ifton Heath Prescott Mytton Meadowley Longnor Morville Heath Cardeston Ketley Bank Stoney Stretton Summerhill Kynnersley Telford Eudon George Arscott Ludlow Admaston Stoke Heath Hodnet Gravels Llynclys The Wyke The Wood Cheswardine Churchtown Muckleton Hughley Sutton Hill Sytch Lane Kingsland Newbridge Haybridge Adeney Hallon Hortonlane Leegomery Nefod Sutton Maddock Upper Hengoed Redwith Ditherington Dudleston Heath (Criftins) Knockin Heath Great Lyth Newington Higher Ridge Loughton Annscroft Coundmoor Longville in the Dale New Invention Catstree Sheet Church Pulverbatch Dhustone Harnage Cornbrook Spring Gdns Linley Brockton Woore Upper Astley Colemere Knowle Gwern y brenin Llwyn Apley Forge Whitchurch Coton Little Lyth Wilcott Marsh Rockhill Tong Wyken Kingsnordley Lockleywood Danesford Morville Stableford Ratlinghope Eaton Constantine Longford Oldington Little Wytheford Willey Tasley Harton Worfield Wood Lane Pen-y-coed Tibberton Waterside Clive Ash Magna Farlow Bagley Weston Upper Battlefield Churchmoor Rough Comley New Marton Tuckhill Pant-glas Preston Gubbals Hobarris Duffryn Wistanstow Bicton Heath Welshampton Aston Botterell Hill Houses Allscott Wollerton Harlescott Hopton Castle Nant y Caws Brownhills Nox Farmcote Pen-y-wern The Marsh Bache Mill Coed y go Rodington Tong Forge Yockleton Ruyton-XI-Towns Alveley Donnington All Stretton Somerwood Pentre Bouldon Peaton Crickmery Llanyblodwel Soudley Romsley Doseley Eardiston Rindleford Fron Redhill Upper Forge Broughton Ploxgreen Bromlow Hungryhatton The Nook Hartsgreen Ragdon The Rock Edgebolton Dothill Patton Red Lake Darliston Broughall Heathton Papermill Bank Bicton Mount Pleasant Low Town Hortonwood Plowden Bromfield Coalbrookdale Aston Kinlet Betton Strange Smithies, The Alderton Crickheath Wharf Weston Quatford Wheathill Hampton Upper Wigginton Rhosygadfa Hindford Newtown Haughton Wollaston Aldon Peatonstrand Burlton Ketley Blackmore Preesgweene Milson Llwyn-y-go Littlegain Brynore Burford Muckley Cross Pentreheyling Bletchley Edgton Great Ryton Upper Aston Market Drayton Hints Rorrington Great Ness Haughton Sutton Hall Ball Bitterley Pentre Hodre Dobson's Bridge Hatton Shotatton Ashbrook Shifnal Hazler Haygate Tilley Bache Llawnt Woolstaston Ironbridge Lipley Ollerton Lane Nordley Besford Sutton Little Sutton Ollerton Oldfield Pentre Soudley Hope Perthy Nesscliffe Ruewood Corfton Sascott Cardington Hamperley English Frankton Glazeley Felton Butler Bicton Little Worthen Westley Prees Lower Heath Greenhill Bank Hinton Madeley Upper Netchwood Buttonbridge Breaden Heath Bowling Green Bishop's Castle Acton Pigott Northwood Tugford Rowton Shelve Lower Forge Cleeton St Mary Rodington Heath Acton Scott Stafford Park Hollyhurst Abdon Easthopewood Vernolds Common Argoed Upper Dinchope Boraston Buildwas Blackoe Pontesbury Cold Hatton Pen-y-Bryn Eaton upon Tern Hopton Wafers Walcot Deuxhill Farley Bulkeley Hall Cross Houses Craven Arms Longnor Park Turleygreen Nedge Hill Billingsley Lythbank Wrentnall Mose Moortown Upton Magna Longford Stapleton Hopton Bedstone Brookhampton Hayton's Bent Old Coppice Wotherton Brompton Stoneacton Hillside Myddlewood Cwm Henley Gore, The Burwarton The Humbers Bushmoor Chelmarsh Rodway Linley Hope, The Farden Long Lane Melverley Green Kemberton Childs Ercall Gravenhunger Moss Glan-yr-afon Wolverton Horton Wroxeter Knowbury Rudge Heath Underdale Ightfield Hollinswood Sansaw Heath Coundlane Garmston Pulley Claverley Shawbank Sheriffhales Jackfield East Wall Westhope Mill Green Marsh Green Leath, The Yorton Heath Chirk Bank Cross Green High Town Crateford Turfmoor Preston upon the Weald Moors Craig-llwyn Mainstone Prees Heath Pontesford Hopesgate Street Dinas Rednal Coalmoor Town Park Longden Common Harley Wooton Colebatch Balmer Exfords Green Cold Hatton Heath Minsterley Wern ddu Quatt Brownhill Woodbank Beckbury Webscott Green, The Burwood Hollinwood Ackleton Astley Abbotts Dallicott Rhyn Shipton Shawbury Crickheath Wigmarsh Gretton Stocktonwood Aston Lee Brockhurst Newcastle Hopesay Cwm Head Nether Skyborry Rhiews Broome Woodside Pentre-newydd Brandhill Gronwen Bourton Wrockwardine Copthorne Shawbirch Walton Little Brampton Honnington Corner, The Upper College Woodseaves Acton Reynald Lightwood Stokegorse Badger Ellerton Brookrow Stanwardine in the Wood Halford Hoptonbank Sutton Batchcott Kenley Donnington Wood Haybridge Gobowen Bromdon Ensdon Stanlow Foxwood Heathcote Weston Lullingfields Standford Bridge Wrockwardine Wood Birdsgreen Ladywood Huntington St George's Eyton Marshbrook Goldstone Cotwall Acton Kenwick Park Mondaytown Spoonleygate Acton Burnell Moreton Corbet Broncroft Bridgnorth Rockgreen Wern Chetwynd Aston Wootton Wigginton Woodside Broad Oak Medlicott Chatford Lyde Wagbeach Myddle Hawgreen Crumpsbrook Church Preen Folley Pixley Wooton Middleton Scriven Old Park Paddolgreen Kenwick Cobscot Stretton Westwood Alberbury High Ercall Pentre Middlehope Brookside Grindle Silvington Platt Lane Crossgreen Twyford Preston Montford Long Meadowend Newport Eyton upon the Weald Moors Lightmoor Babbinswood Clungunford Leaton Monkmoor Eyton on Severn Broome Castle Fields Chadwell Woolston Clun Cherrington Downton Yorton Welsh End Bilmarsh Leigh Gadlas Bolas Heath Halesfield Hinstock Lightwood Wolverley Maesbrook Corfton Bache Crowsnest Horsehay Meeson Holdgate Walford Lea Melverley Bucknell Myndtown Malinslee Maesbury Marsh Wollerton Wood Meole Brace Atterley Puleston Stowe Newton Church Stretton Albrighton Pulverbatch Neenton Little Wenlock Little Dawley Maesbury Meeson Heath Church Aston Chemistry Smethcott Newtown Prees Green Pentre-clawdd Stanley Ludstone Ryebank Lower Common Norton in Hales Tetchill Aston Eyre Radmoor Poynton Green Priorslee Porthill Horton Great Bolas Moretonwood Oteley Berwick Wharf Snedshill Hope Park Shipley Oakengates Balmer Heath Lane's End Ruthall Nobold Wombridge Lynn Betton Prees Stoke on Tern Ford Whittytree Shorthill Wem Yeld, The Lower Down Crosslanes Lostford Greete Ryton Marton Mardu Plasau Dudleston Grove Woolston Bradney Upper Affcot Hampton Bank St Martin's Moor Pentirvin Tyn-y-coed Leighton Rhydycroesau Frodesley Burcote Albrighton Spunhill Netherton Six Ashes Farley Cleestanton Westbury Elson Stanley Green Hoptongate Basford Angelbank Isombridge Easthope The Waterwheel Mickley Bratton Forton Uppington Hope Bowdler Rowton Ridgway Blists Hill Derrington Pitchford Calcott Prees Higher Heath Saltershill Gatacre Park Sytch Ho Green Hope Bagot Hifnal Upper Ludstone Kingslow Wall Bank Rudge Cruckmeole Hadley Edgerley Broadoak Hungerford Titterhill Longdon on Tern Cross Munslow Sleapford Craignant Foxholes, The Muckley Hartlebury Commonwood Whittington Aston Munslow Berrington Mynd Felhampton