Inheritance Tax Planning in Shipton Green

Get in touch

Inheritance Tax Advice in Shipton 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 PO20 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 Shipton Green (West Sussex)

Get in touch

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


Skip to

Gallery

Other locations available for inheritance tax planning
Boxgrove Atherington Turkey Island Temple Bar Westerton Stopham Runcton Greatham Trotton West Grinstead Hammerpot Cote Elmers Marsh Sompting Abbotts The, Close Coolhurst Wood Stockbridge Fernhill Albourne Green Coates Henfield Botolphs Durrington-on-Sea Sta The Common North Bersted Slough Green Gay Street Nuthurst Elmer Wick Ashfold Crossways Robins Sidlesham Common Nutbourne Broadbridge Eastergate Sidlesham Kingston by Sea Hermitage Coombes Kingston Gorse Sullington Warren East Dean Mid Lavant Singleton Maidenbower Rustington Broadford Bridge Broadbridge Heath Woodmansgreen Cuckfield Rackham Mackerel's Common Watersfield Upwaltham Rose Green Hole Street Tilgate East Preston East Lavant Codmore Hill East Hampnett West Kingston Three Bridges Findon Valley Barns Green Aldingbourne High Salvington Angmering East Ashling Sutton Navant Hill Didling Sutton End Abbotsford Summersdale Kirdford Patching Manor, The East Worthing Durrington Shermanbury West Town Somerley Pyecombe Heath End Upper Norwood Middleton-on-Sea Steyning Oakhill Park Street Langley Green Lambs Green Upperton Petworth Heyshott Green Bolney Tilgate Forest Row Bedlam Street Northchapel Terwick Common Poling Copthorne Fishersgate Littlehampton Great Common Woodmancote Itchingfield Beggars Bush Fernhurst Storrington South Ambersham Fontwell Henley Common Tullecombe Lower Fittleworth Hambrook Church Norton Buchan Hill Adversane West End Slaugham Goose Green Shoreham Beach Cootham Churchwood South Harting Yapton Blackwell Wineham West Lavington Coneyhurst Bucks Green Bignor Borden East Grinstead Broadfield South Lancing North End Nutbourne Brooks Green Hatch Farm Hill Wiggonholt Stedham Tangmere Haywards Heath Broomer's Corner Selham Black Corner Lurgashall Nyewood Small Dole Saxby Trotten Marsh Rock Maudlin Hillgrove Houghton Waterbeach Sompting Hangleton Compton Oving West Hill Felpham Chidham Amberley Easebourne Hardham Dumpford Roffey Pulborough Partridge Green Sharpthorne Street End Balls Green Highleigh Albourne Smithbrook Keymer Lancing Sayers Common Crabtree Deanlane End Woodgate Rowhook Pagham Funtington Coolham Halecommon Brookpits Worthing West Chiltington Common Salvington South Stoke Mannings Heath Burpham Poynings Kent Street Bosham Hoe Lidsey Breach Merston Elbridge Ansty Handcross Whitemans Green Alfold Bars Marehill Turners Hill Wisborough Green Ford Worth Ancton Tisman's Common Horsham Shopwyke Baldwins Hill Crossbush Littleworth The Haven Ashurst Winterfold Forestside Dial Green Bepton Nutbourne Common Bury Hollow North Stoke Tinsley Green Bines Green West Thorney Gunter's Bridge East Lavington Offham Gorehill Hill Top West Dean Shipton Green West Wittering Burndell Walderton Washington Nepcote Lodsworth Common Pound Hill Walstead Fittleworth Castle Town Crockerhill Loxwood Colgate Eartham Dell Quay White's Green Prinsted Green Street Flansham West Ashling Ifieldwood Cinder Hill Sunnyside Horsted Keynes Bury Billingshurst Down Park Woldhurst Saddlescombe Little Bognor Lagness Chorley Common Worth Abbey Norton Warminghurst Cowfold Stubbermere Gospel Green Ingrams Green North Heath Iping Goddards' Green Birdham Flathurst Chichester Lodsworth Fyning Kingsfold Strood Green Wepham Aldwick Linchmere Bolnore Ifield Goose Green Coldwaltham Halfway Bridge Barnham Nep Town Dragons Green Durleighmarsh Goring-by-Sea Apuldram Bewbush Crabbet Park Lyminster Tortington Southgate Toddington Tillington Bexleyhill Heath Common Ifold Donnington Broomershill Northgate Broadwater Stonequarry Woolbeding Rusper South Mundham Bosham Bramber Hooksway Strood Green Byworth Ifield Green Lindfield New Town North Marden Whyke River Burgess Hill Warningcamp Midhurst Manor Royal Quebec Henley Clayton Madehurst West Stoke Portslade-By-Sea Heyshott Doomsday Green North Mundham Cocking Causeway Topleigh Little Common Warninglid Dial Post West Tarring Crouchers East Beach Southwater Street Hassocks Hurst Wickham Southern Cross Marley Heights Monk's Gate Poling Corner Ashington East Kingston Strettington Westergate Fishbourne Ardingly Earnley Pease Pottage Redford Lower Beeding Sullington Hurstpierpoint Old Shoreham Hammer Balcombe Lane Haslingbourne West Green Habin Shripney Kingsley Green Highbrook Staples Hill Plaistow Wiston Milland Balcombe Cocking Colworth Twineham Green Maplehurst Norton Titty Hill Rogate Whitehall Cross Gate Southwick Halnaker Bognor Regis Shipley Minsted West Chiltington West Itchenor Newpound Common Crosspost Lickfold Bilsham Charlton Climping Birchgrove Nyton North End Fisherstreet Queen's Corner Rudgwick Treyford East Harting Staplefield Blackstone Inlands Binsted Ebernoe Quags Corner Lowfield Heath Clapham Smock Alley Two Mile Ash Arundel Selsey Thorney Island Brook Street North Lancing Little Haven Parbrook West Worthing Westbourne Faygate World's End Rotherbridge West Burton Scayne's Hill Horsemere Green Leggatt Hill West Harting Nyetimber Camelsdale West Marden Rookwood Chithurst Shoreham-By-Sea Hampers Green Crawley Down East Marden Up Marden Lower Horncroft Southwater East Wittering Hickstead Westhampnett Furnace Wood Duncton Bedham Gossops Green Ferring Barlavington Hunston Thakeham Balls Cross Tower Hill Abingworth Fulking Bracklesham Slindon Woodmancote Upper Wardley North End Tote Hill West Hoathly Lumley Walberton Portfield Chownes Mead Hoyle Southbourne Shopp Hill Slinfold High Cross Chilgrove South Bersted Upper Beeding Findon Edburton Copsale Elsted Roundstreet Common Crawley Graffham Stoughton Five Oaks Wardley Twineham Furnace Green Rapkyns