Inheritance Tax Planning in Durnfield

Get in touch

Inheritance Tax Advice in Durnfield

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 BA22 8 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 Durnfield (Somerset)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Welton Nettlecombe Witham Friary Beard Hill Dunster Henley Widcombe Woodford Perrymead Shurton Hornsbury Ashgrove Woolston Kingdown Cudworth Leighland Chapel Crowcombe South Barrow Wales Hewish Keenthorne East Pennard Huish Episcopi Monkton Heathfield Godney Chelynch East Street Muchelney Ham Podimore Cannington Sticklepath Writhlington Portfield Littleton Englishcombe Huntham Weekmoor Wilkinthroop Parchey West Hatch Buckland Dinham Hardington Marsh Whitchurch Brockley Hale Coombe Poole Fox Hill Bishop Sutton Pibsbury Barrow Easton Great Elm Hythe Alford Hockholler Litton Holcombe Summerlands Over Stratton Sherford Whitcombe East Quantoxhead Lye Cross Darshill Berkley Marsh Pilton Ash Sion Hill Wellington Chardleigh Green Brompton Regis Hewish Wraxall Thurlbear West Mudford Gundenham Paintmoor Kingsbury Regis Tuckerton Chilthorne Domer Burrington Liney East Lydford Henlade Rodney Stoke Hungerford Cheddar Clevedon Heale Higher Chillington Alhampton Link Walpole South Hill Compton Durville Chelvey Keynsham Shepton Beauchamp Southdown Claverton Down Radstock Compton Dundon Kewstoke Hackness Rowberrow Limpley Stoke Lyngford Town's End Sutton Montis Burlinch East Harptree Upper Westholme Camerton Flaxpool Pecking Mill Dowlish Wake Park Handy Cross Minehead Goathurst East End Upper Godney Rush Hill Redhill Washford Creech St Michael Chelvey Batch Sand Shearston Hill End Hemington Heale Lower Stratton Tone Nunney Compton Dando Upper Town Greenway Yeovilton Goosenford Horsey West Porlock Fyfett Cowslip Green Purtington South Petherton Bawdrip Bleadon Selworthy Shoreditch Bourne Ruggin Limington Yeovil Marsh Curland Common Charlton Mackrell New Town Combe Twerton New England Stonebridge South Chard Milborne Port Locking East Woodlands Higher Durston Rock Gothelney Green Sellick's Green Compton Martin Worle Middle Stoford Rowford Hartswell Heath House Cad Green Sawyer's Hill Thicket Mead Allowenshay Oxenpill Hornblotton Green Chipley Golsoncott Nyland Oake Green Trudoxhill Poyntington Coxley Wick Haybridge Lower Langford Doverhay Atherstone Southmarsh Ford Street Lydford-on-Fosse Oake Inglesbatch Ilford Burford Hartford Lowton Frost Hill Sea Pickney Brushford White Ball Strode Bourton Misterton Weston Park Biddisham Lower Vexford Knole Alcombe Churchstanton Wanstrow Glastonbury Dimmer Treborough Double Hill Middle Stoughton Berkley Down Feltham Street Clatworthy West Lyng Middle Green Montacute Beckington Maundown High Littleton Lipyeate St Catherine Rode Hill Seven Ash Blackmoor Brinsea Broadshard Pitney Udley Pleamore Cross Capton Charlton Musgrove Lulsgate Bottom Burtle Hill Nash Woolverton Withycombe Rodway Bedlam Staple Lawns Silver Street Chewton Keynsham Wedmore Cambridge Batch Higher Wambrook Abbots Leigh East Rolstone Puddlebridge The Common Coursley Tyntesfield Nythe Wells Oareford Porlock Winscombe Bussex Dulcote South Twerton North End Payton Newton Townsend Westfield Hare Farleigh Hungerford New Town Bruton Weston Pedwell Upper Milton Merridge Clavelshay Shiplate Babcary Stewley Silver Knap Odcombe Hollow Brook West Chinnock Easton Town Blackmoor Cossington Greyfield Woodram Barwick Burcott New Buildings Bury Haselbury Plucknett Dulverton Portbury Mudford Cloford Common Bailbrook East Clevedon Combwich Shawford Ruishton Broadway Westford Burton Bagley Horsington Waterlip Bishop's Hull Woodcombe Dowslands Fitzhead Bloomfield Higher Alham Drayton Holywell Stringston Closworth Upton Stapley Temple Cloud Small Way Courtway Coultings South Cheriton East Brent Aller Thorne Coffin East Compton Westport Chidgley Withycombe Hale Carlingcott Mells Green Berkley Cockwood Ashwell Beam Bridge Gupworthy Nedge Hill Wick Whatley Ludney Roundham North Wick Blackwater Shoscombe Vale Foddington Galhampton Redlynch Oakhill Curland Lower Weacombe Little London Stoke Sub Hamdon Yarde Longhouse White Cross Meare Green Little Norton Pill White Gate Coleford Four Forks East Huntspill West Hill North Cheriton Hunstrete Taunton Stocklinch Angersleigh Way Wick Dommett Three Ashes Rimpton Five Bells Leigh Common Mearns Farrington Gurney West Stoke Kenny Cloford West Yeo Newton St Loe Merriott North Brewham Chiselborough Keyford Stathe Winter Well Standerwick Chelwood Bridgetown Ley East Dundry Silver Street Elliots Green Houndstone Lawford Netherclay Bleadney Kilton Wheddon Cross New Town Cocklake Webbington Corfe Kingswood Edford Kingsway Upper Vobster Crickham Woodhill Gotton Ilminster Appley West Leigh Lower Burrow Batten's Green Regil Heale Little Green North Court Marsh Street Sampford Moor Lydmarsh Weston in Gordano Hawkcombe Templecombe Baltonsborough Vobster Ammerham South Stoke Henstridge Ash Upton Noble Codsend Stock Kenn Cholwell Stretcholt Staplehay Single Hill West Hewish Muchelney Athelney East Lambrook Moorland or Northmoor Green Westbury-sub-Mendip Odd Down Wembdon Meare Cutcombe Knott Oak Cotford St Luke Poleshill Somerton Blackwell Priston Cameley Bathpool Lillesdon Worth Mare Green Rooks Bridge Chesterblade Stratton-on-the-Fosse Pepper Hill Chipstable Eastertown Steart Blackford Skilgate Pylle Crewkerne Stowey Fulwood Wiltown Stoford Steanbow Huntstile Amesbury Hinton Charterhouse Lynch Ashbrittle Perry Street East Water Alstone Honey Hall Green Ore Barrow Vale Alston Sutton Woodhill Higher Vexford Burrow Langport Lower Aisholt Dipford Exton Swell Chilton Cantelo Parbrook East Nynehead Compass Puckington Buscott Ston Easton Park Corner Upper Littleton Windmill Hill Halcon Tadhill Fordgate Hill Corner Heathfield Middletown Rickford Norton Sub Hamdon Royston Water Milton Clevedon Middlezoy Wellisford Withypool Lower Canada Wood Woolvers Hill Old Way Priest Down Butleigh Wootton St Michael Church Kingstone Bowdens Beacon Hill Lye Hole Woodlands Keward Whitchurch Wrangway Upcott Tone Green Up Mudford Sidbrook East Chinnock Tolland Higher Holton Dillington Ashbeer Walcot Cockhill Lydeard St Lawrence Backwell Common Beechen Cliff Periton Charlton Compton Pauncefoot Whiteway Beer Combe St Nicholas Cricket Malherbie Whatley Marston Bigot Kingsbridge Beardly Batch Hollands Maperton Farleigh Thurloxton Halse Pightley Hatch Green West Town Iwood Ham Green Northmoor Green or Moorland Holton North Town Pitminster Bridge Forton Binegar Southway Rackley Borough Post Pyrland Flax Bourton Ridgeway Woolminstone Discove Mark Causeway Huntscott Tytherington Primrose Hill Badger Street Hillfarrance Wrington Hillcommon Tivington Whitelackington North Cadbury Barrow Common Ashton Shepton Montague Tacker Street Higher Street North Curry Chaffcombe Haymoor End Southay Norton Malreward Durston Watergore Bathealton Chelston Heathfield Herons Green Worlebury Monksilver Parkway Ham Fennington Snails Hill Brindham Rapps Halsway Warleigh White Ox Mead Bower Hinton Furnham Friarn Vagg Southtown Wambrook Howleigh Highbury Holman Clavel Bath The Oval Dyche Horsecastle Dunkerton White Hill Hockholler Green West Hill Wrantage Pinksmoor Milverton Locksbrook Soho Northmoor Corner Rudge Banwell Dunball Downhead Hatch Beauchamp West End Lower Woolston South Cadbury West Quantoxhead Northwick West Camel Leigh upon Mendip Stowell Knapp Hounsley Batch Watchet Bilbrook Portway Ham Lamyatt Draycott Lydford Fair Place Otterhampton Weare Greylake West Compton Milton Downhead Chilcombe Midsomer Norton Clutton Cannard's Grave Puriton Bossington Roughmoor Portway Milborne Wick Ebdon Westham Combe Throop Worthy Bathwick Shalford Lyatts Priddy Leigh Woods East End Hembridge Ubley Stamborough Mark Charlynch Lopen Yarrow Adsborough Whitney Bottom Lambridge North Weston Holwell Blagdon Hill Badgworth Little Weston Willett Bason Bridge Coombe Andersea Norton Hawkfield Lower Swainswick Trull Cross Polsham Walton Nempnett Thrubwell Seavington St Michael Nimmer Dowlish Ford Spaxton Bradney Lusty Claverham Withy Mills Park End Hallatrow Greinton Luccombe West Monkton Yanley Pond Close Budleigh Upper Canada Lower Whatley West Huntspill Higher Marsh Ash Priors Foxcote Backwell Green Callow Hill Dinghurst Belluton West Stoughton Lattiford Slape Cross Middle Burnham Ashcott Corner Vellow Higher Town Thornfalcon Hurst West Bagborough Hadspen Piltown West Luccombe Brympton D'Evercy Clandown Dodington Downside Maiden Head Congresbury Kingweston Chelmsine Emborough Midford Britten's Barr Upper Langford Brockham End White Cross Ashill Toulton Withybrook Eastbrook Edbrook Henstridge Marsh Sampford Arundel Bayford Stanton Wick Stoke St Mary Burrow Middle Chinnock Girt Uphill Manor Portishead Catcott Newport Winsham Andersfield Durnfield Oath Cleeve Chewton Mendip Combe Florey Clapton Melcombe Knoll Green Listock Chew Magna Nether Stowey Cowbridge Tonedale Wilmington Slough Green Coppleham Eyewell Heaven's Door Fowler's Plot Hamp Enmore Newbridge Wigborough Tadwick Marston Magna Pict's Hill Marksbury Stawell Hambridge Plainsfield Sticklepath Kibbear Splatt Duddlestone Highway Staplegrove Bagley Green Wagg Chilton Polden Upper Weston Kilve Butleigh West Town Churchill Green North Stoke Churchinford Sutton Wick Edington Stone-edge Batch Nye Brockwell Roadwater Nunney Catch Ashcombe Park Hornblotton Ash Fiddington Wick St Lawrence Loxton Star Upton Langham Pathe Chalkway Winterhay Green Stolford Dinder Lansdown Barrow Timberscombe High Ham Field Buckland Down Tellisford Comeytrowe Kilmersdon Langley Marsh Frieze Hill White Cross Marsh Mills Eastover Holywell Lake Havyatt Bare Ash North Perrott Northgate Green Parlour Ashington Pawlett West Coker Hastings Sandford Ilchester Dundon Ansford Withyditch Bradley Cross Pitsford Hill Southwood Speckington Chilson Pipehouse Sweethay Chilcompton Nettlebridge Walcombe Preston Bowyer Cheddon Fitzpaine Cucklington Old Down The Wrangle Portland Lyng Clayhanger Burtle Clanville North Barrow Northover Woolley Kelston Hardington North Batsom Street Haydon Houndsmoor Screedy Kingston Seymour Welham Walton in Gordano Rolstone Beetham Lower Odcombe Outwood Fivehead Latcham Cothelstone Kenn Moor Gate Isle Brewers Neighbourne Birchwood Barrington East Horrington Norton's Wood Draycott Stembridge Chapel Cleeve Torre Fromefield Stanton Prior Tyning Weston-super-Mare Bridgwater Little Load Rook's Nest Charlton Norton West Bradley Lower Merridge Radlet Burrowbridge Clutton Hill Knowle St Giles Marshall's Elm Burnworthy Wellow Townsend Launcherley Monkton Combe Woolmersdon West Woodlands Corton Denham Pooltown North End Stony Littleton Orchard Portman Wreath Moolham Queen Charlton Wookey Amitabha Buddhist Centre Walton St Mary Preston Plucknett Leighton Pen Mill Innox Hill Barlake Treble's Holford Shipham Steart West Wick Hutton Washbrook Wincanton Paulton Alvington North Petherton Winterfield Willhayne Curry Rivel West Buckland Langford Green Wick Huish Champflower Brean West Pennard Greylake Fosse Frome Nethercott Escott Capland Hedging Lansdown Langford Winford Rotcombe Bathway Rumwell Brent Knoll Lympsham Lower Weston Clapton in Gordano Chillington Clewer Lower Wraxall Yeabridge Laverton Timsbury Corston North Widcombe Ridge Littleton Voxmoor Midway Tintinhull Rich's Holford South Brewham Chantry Blindmoor Aley Dundon Hayes Charlcombe East Stoke Shoscombe Rhode Tarnock Nailsea Dundry Creech Heathfield Triscombe Doulting Failand Horton Worminster Lower Milton Sticklinch Castle Wickham's Cross Axbridge Rodhuish Knighton Coleford Water Westhay Thorne St Margaret Whitestaunton Norton St Philip Radford New Town Bradford-on-Tone Merriottsford Wootton Courtenay Midelney Whitnell Hillend Shepton Mallet Exford Wick Tracebridge Wearne Burnham-on-Sea Chard Crimchard Ham Stockwitch Cross Holway Uphill Wadeford Laverley Christon Towerhead Southtown Holnicote Oldford Upper Swainswick Lower Weare Higher Burrow Sandford Batch Wilkin Throop West Lydford Bathampton Carhampton Witcombe Blatchbridge South Down Newtown Icelton Heathfield Ham Street Luckwell Bridge Haydon Bicknoller Peasmarsh Fulford Yarberry Tickenham North End Lower Failand Chapel Allerton Pensford Windwhistle Rowbarton Beercrocombe Helland Canonsgrove Brompton Ralph Churchill Pitcombe Allerford Pyleigh Charlton Staple Fitzpaine Sparkford Evercreech Southwick Thorngrove Edgarley Farmborough Kingsdon Dunwear Pendomer Ford Dolemeads Hele Wookey Hole Chilton Trinity Chew Stoke Westcombe Whitefield Street on the Fosse Durleigh Westonzoyland Fenny Castle Lullington Hurcott Stogursey East Combe Little Hill Meadgate Stoke St Michael North Newton West Newton Weston Bampfylde Felton Waterrow Hinton St George Oldmixon Oare Bindon Dinnington Norton Hill Cuttiford's Door Seavington St Mary Hapsford Sampford Brett Long Sutton Hardington Mandeville St Georges West Town East Cranmore Over Stowey North Wootton Stoughton Cross Backwell Charlton Horethorne Abbas Combe Ilchester Mead Somerton Hill Twinhoe Howley Pudleigh Theale East Lydeard Wall Mead Batcombe Prestleigh Asney Holly Brook Sutton Downside Berrow Withial Compton Common Hardington Moor Combe Hay Kittisford Whitecross Croscombe Critchill Sidcot Penselwood Langaller Yeovil Terhill Huxham Green Weston Town Knightcott Puxton Low Ham Winsford Highridge Lilstock Catsham Havyatt Green Tucking Mill Cranmore Ellicombe Woollard Butcombe North Town Tyning Simonsbath Barton St David Blackford Woolavington Drayton Downside Stapleton Bincombe Alder Row Coombses Broomfield Yatton Cole Stockland Bristol Curload Wicklane Runnington Stoney Stratton Moorlinch Easton-in-Gordano Stoney Stoke Mid Lambrook Curry Mallet Lower Godney Rodgrove Hinton Lower Marston Bonson Longstone Lodway Kingsbury Episcopi Gold's Cross Street Ash Weacombe Newbury Batheaston Clarence Park May's Green Lower Marsh West End Galmington Crock Street Haydon Ashcott Chard Junction Woodspring Priory Redlands St Decumans Coxbridge Hobbs Wall Northfield Northay Kingston St Mary Rockley Ford Overleigh Batch Coley West Howetown Bickenhall Sherborne Yarlington Buckland St Mary Northway Beckery Coombe Moor Potters Hill Stoke Trister Upper Stanton Drew Nailwell Publow East Town Bickham Bankland Bradley Green Coat Elworthy Urgashay Henstridge Clapton Sandylands Lopen Head Sutton Bingham Cushuish Langley Wonderstone Redcliffe Bay Sheepway East Coker Otterford Chedzoy Tatworth Shapwick Cary Fitzpaine Horner Adscombe Peasedown St John Larkhall Beggearn Huish Woodlands Northend Long Ashton Bramwell Allerford Clays End Cricket St Thomas Woolston Plot Gate Pear Ash Four Foot Norton Fitzwarren Long Load Stanton Drew Blagdon Henstridge Bowden Upper Cheddon Riding Gate Bridgehampton Catsgore Stileway Lufton Sydenham Ford Perry Green Ashwick Westcombe Purn Nailsbourne West End Charterhouse Holford Winterhead East Bower Porlock Weir Mudford Sock Lottisham Daw's Green Old Ditch Priorswood Panborough Fairfield Park Benter Westowe Lovington Breach Stockwood Vale Wellsprings Rockwell Green East Lyng Huntspill Bishops Lydeard Bloomfield Nynehead Stone Allerton Barrow Gurney Claverton Tunley Willand Vole Williton Wyke Champflower Tivington Knowle Hoccombe West Horrington Wayford West Shepton Brandish Street Knowle Hardway Mudgley Horn Hill Sigwells Blackford Somerdale Woodford Isle Abbotts Lower Knapp Bodden Yarford Chapel Leigh Yarley Upper Coxley Hicks Gate Bishopswood Pitcot Blue Anchor Edingworth Shopnoller Thorney Coxley Plot Street Langford Budville Sutton Mallet Keinton Mandeville Castle Cary New Cross Burton Marston Gate Walrow Blackrock Bulls Green Pound Bratton Elborough Cutler's Green Ham Ditcheat Down End Charlton Adam Langridge West Harptree Newtown Blackmoor Northover Bratton Seymour Doniford Gurney Slade Moorledge Watchfield Edithmead Sparrow Hill Horton Cross Stogumber Redlane Huntworth Aisholt East End Greendown West Lambrook Thrupe Egford Stout Saltford Hurcott Martock Wraxall Old Cleeve Oldfield Park Sharpstone Spring Gardens Plaster's Green Lower Durston Milton Stoke St Gregory Queen Camel Edgcott Hinton Blewett Barton Compton Bishop Bathford Walford Othery Mells Combe Down East Hewish New Town Rode Highbridge Upper Fivehead Cote Yenston Chilson Common Lower Westholme Withiel Florey Porlockford Raddington Faulkland East Town Berhill Biscombe South Widcombe Churchtown Battleton Wheathill Haygrass Little Keyford Wiveliscombe Luxborough Burnett Ilton East End Stone Greenham Bowlish Lower Roadwater Wilton Brookhampton Pawlett Hill Chelston Scrapton Donyatt Langford Hawkridge Stawley Middle Bridge Henton North Coker