Inheritance Tax Planning in Ewhurst

Get in touch

Inheritance Tax Advice in Ewhurst

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 GU6 7 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 Ewhurst (Surrey)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Dockenfield East Horsley Ashford Common Thorpe Whitfield Court Nutcombe Dorking Westfield Seale South Merstham Brook Ripley Bramley Epsom Boundstone Burrowhill Betchworth Heath End Frimley Green Ridgway Peasmarsh Windlesham Littlefield Common Wormley South Nutfield Sutton Green Hale Haslemere Staines Stoneleigh Weybourne Knaphill Sheerwater Pitch Place Ridge Green South Earlswood Mickleham Englefield Green Lane End East Molesey Hamm Moor Ottershaw Thursley Alfold Crossways Reigate Heath Capel Ash Green Moor Park Povey Cross Trumps Green Polesden Lacey Wanborough Felthamhill Blindley Heath Holloway Hill Wotton Woldingham Garden Village Beare Green Pirbright Camp Littleton Hawk's Hill Thames Ditton Box Hill Reigate Sheets Heath Newdigate Nutfield Churt Elm Corner Wasp Green Shere Martyr's Green Onslow Village Leigh Wray Common Frimley Bushbury Aaron's Hill Pyrford Green Cudworth Sutton Abinger Bletchingley Rowledge Binscombe Crownpits Redhill Ashurst Wood Grayswood Thorpe Lea Brook South Park Middle Bourne Lower Kingswood Tilford Common Brookwood Mousehill Felcourt Old Woking Critchmere Holmethorpe Ash Vale Abbey Mead Tilford Reeds Abinger Common Gatton Mugswell Merstham Coles Meads Burpham Paynes Green Castle Green Fickleshole West Byfleet Charlwood Sunbury Common Stanners Hill Sidlow Dippenhall Holmwood Corner Forest Green Thorpe Green Dormansland Peartree Green Walton on the Hill Upper Hale Culmer Dormans Park Ockford Ridge Woolmer Hill Hydestile Farncombe Pyrford Village Wood Street Village Cramhurst Egham Russ Hill Hoe Farleigh Chobham Charlton Wheelerstreet Farnham Highstreet Green Flexford Elstead Westbrook Stanwell Moor Weybridge Chattern Hill Virginia Water Laker's Green Effingham Chiddingfold Slyfield Millbridge Lucas Green Oxted Artington Lower Green Wonersh Abinger Hammer West Ewell East Ewell Mogador Domewood Crossways Fox Corner St Johns Busbridge Warwick Wold Hinchley Wood Egham Wick Rowhill South Holmwood Hersham Stonebridge Catteshall Woodbridge Hill Hookwood Ashtead Loxhill Wrecclesham Norley Common Green Cross West Horsley Horne Lordshill Common Shellwood Cross Earlswood Crosswater Shamley Green Field Common The Bourne Shepperton Green May's Green Send Ash Burstow North Looe Margery Coldharbour Bisley Camp (National Shooting Centre) Wyke Lower Ashtead Shortheath West End Downside Hamsey Green Shipley Bridge Stonehill Mayford Walliswood Egham Hythe Doversgreen Moorhouse Bank Ellen's Green Lightwater Enton Green Stoke D' Abernon Worplesdon Compton Send Marsh Deepcut Cranleigh Shackleford Salfords Pot Common Lingfield Nalderswood Rydens Titsey Pyrford Mytchett Witley Chilworth Woodhatch Tower Hill Heatherside Weatherhill Langley Vale Broadham Green Horsell Birch Giggshill Park Barn Burrows Cross Gadbrook Jacobs Well Crowhurst Whitebushes Tyler's Green Burwood Park Norney Crawley Hill Meath Green Oatlands Park Warlingham Wisley Guildford Park Guildford Peper Harow Banstead Crowhurst Lane End Langley Pirbright Milford Chipstead Shepherd's Hill Ranmore Common Headley Peaslake Alfold Abbotswood Mead Vale Sandy Cross Willey Green Pachesham Park Camberley Waterside Logmore Green Haxted Rydeshill Laleham Brockham Park Broadford Newlands Corner Sandhills Cooper's Hill Donkey Town Thorncombe Street New Haw Felbridge Shepperton Rushmoor Maybury Cox Green Brook Place Hook Heath The Downs Dunsfold Green Nork Birtley Green Church Town Horley Hambledon Oxshott Bunce Common Norwood Hill Hatton Hill Pixham Dunsfold Limpsfield Chart Weston Green Chertsey Meads Claremont Park Godstone The Wells Bushy Hill Kingfield Bellfields Farley Green Mid Holmwood Upper Ifold Grafham Spreakley Rowly Lingfield Common Burntcommon Tyrell's Wood Broadmoor Upper Halliford Church End Cartbridge Farleigh Court Badshot Lea Hurst Green Fairlands West End Ansteadbrook Whiteley Village Charleshill Tatsfield Bisley Ashford Ockham Deepdene Woldingham Burgh Heath Bishopsgate Hog Hatch Gomshall Leatherhead Common Shortfield Common West Bedfont Westhumble Woodmansterne Hythe Frensham Pyle Hill Puttenham Chaldon Claygate Strood Green Frith Hill Great Bookham Chelsham Westcott Frimley Ridge Downside Brewer Street Mytchett Place Esher Tongham Little Heath North Holmwood Compton Smallfield Tadworth Limpsfield Miles Green Kingswood Combe Common Ockley Tandridge Bridge End Lower Halliford Longcross Knowle Green Buckland Brick Hill Woking Stroud Shottermill Bowlhead Green Leatherhead Mimbridge Hurtmore Dawesgreen Palmers Cross Littleton Ewell Mayes Green Godalming Hindhead Holland Upper Eashing Hascombe Row Town Ramsnest Common East Clandon Givons Grove St George's Hill Ewhurst Green Pitch Place Fairmile Blackbrook West Clandon Friday Street Ashley Park Tilford West Molesey Ewhurst Limpsfield Common Woodham Mount Hermon Holmbury St Mary Albury Heath Fetcham Stroude The Sands South Godstone Long Ditton Bagshot Heath West End Lower Bourne Pains Hill Merle Common Byfleet Dunsfold Common Whyteleafe Normandy Horsell Runfold Brockham Okewood Hill Send Grove Cobham Beacon Hill Parkgate Hooley York Town Clark's Green Irons Bottom Shrubs Hill Fredley Knowle Hill Tuesley Shalford Little Bookham Walton-on-Thames Outwood Albury Littleton Common Newchapel Stoughton Sunbury Rose Hill Hurst Park Merrow Addlestonemoor Addlestone Woodcote Stanwell Chertsey Bagshot Prey Heath Eashing Caterham Brooklands Netherne on-the-Hill