Inheritance Tax Planning in Strettington

Get in touch

Inheritance Tax Advice in Strettington

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 PO18 0 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 Strettington (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
Ansty Chownes Mead Sidlesham Common North Heath Highleigh Tilgate Whitehall Watersfield Deanlane End Petworth Balcombe Ashurst Houghton Pease Pottage Goddards' Green Plaistow Crawley Down Funtington River Milland West Ashling Crouchers Coldwaltham Iping Lyminster South Mundham Kingsley Green Kirdford East Lavington Borden Crabtree Bexleyhill Woolbeding Fontwell Kingsfold Broadwater Buchan Hill Flathurst Waterbeach Balls Cross Upper Wardley West Thorney Nep Town Kingston by Sea Stockbridge Street End Hurst Wickham Chichester Southbourne Felpham Strood Green West Wittering North Lancing Nutbourne East Grinstead West Harting The Common Fulking Elbridge New Town Roffey Lower Fittleworth West Itchenor Saxby Hooksway Salvington Ifield Washington Poling Shopwyke Blackstone Nyetimber Abingworth Bramber Upper Norwood Chithurst Broadbridge Heath Ford Bewbush Pound Hill Northgate Hermitage Blackwell Nyton Shipley Worth Abbey Heath Common Wiggonholt Charlton Heath End Cross Gate Crabbet Park West Stoke East Lavant Monk's Gate Stoughton High Cross Saddlescombe Northchapel Midhurst Marley Heights Elmer Fittleworth Habin Apuldram Clapham Up Marden Temple Bar Roundstreet Common Norton Doomsday Green West Hill Coolham Atherington Bepton Gunter's Bridge Broomershill Ifield Green Southwick Byworth Slough Green Great Common Sayers Common Breach Runcton Smithbrook Shipton Green Camelsdale Westbourne South Stoke Old Shoreham Albourne Wisborough Green North Stoke Furnace Wood Madehurst Rusper Angmering Kingston Gorse Five Oaks Warminghurst Linchmere Hangleton Colworth Poynings Fernhurst East Kingston Barnham East Worthing Rackham Rapkyns Botolphs Smock Alley Heyshott Green West End Halecommon Titty Hill Henley Bury Hollow Baldwins Hill Middleton-on-Sea Barns Green Selsey Cocking Causeway Tisman's Common Fernhill Rock Fishbourne Gossops Green Treyford Rudgwick Amberley Coates Horsham Beggars Bush West Marden Turkey Island Quags Corner Arundel Sutton End Wiston Boxgrove Church Norton Southgate Goose Green Bolney Sidlesham Selham Steyning Broomer's Corner South Lancing Bognor Regis Manor, The Shoreham Beach Henfield Hill Top Bosham Hoe Stubbermere Barlavington West Kingston North Mundham Patching Itchingfield Strood Green Queen's Corner Three Bridges Nutbourne Alfold Bars Donnington North End Brook Street Burgess Hill Nutbourne Common Shoreham-By-Sea Ebernoe Henley Common Worthing Lowfield Heath Broadfield Rotherbridge Stonequarry Hatch Farm Hill Bines Green Cuckfield Portfield Keymer Ancton Woodmancote Lambs Green Parbrook Binsted Cinder Hill Lindfield Mannings Heath Ferring Park Street Twineham Findon Summersdale Edburton Sunnyside Bedlam Street Little Bognor Slindon Easebourne Balcombe Lane Worth Billingshurst Littleworth Walstead Cootham Birdham Hurstpierpoint Sharpthorne Colgate High Salvington West Lavington Albourne Green Mackerel's Common Robins Tillington Portslade-By-Sea Duncton Woodgate North Bersted Staplefield Dial Post Terwick Common Hambrook Westhampnett Little Haven Forestside Southwater Brooks Green West Worthing Elsted Bosham Black Corner Shermanbury Balls Green East Wittering Merston Lickfold Lagness Hammerpot Trotton North Marden Wardley Sullington Walberton Lodsworth Common Yapton Heyshott Handcross Upper Beeding Toddington Southwater Street Stedham Poling Corner Newpound Common Maplehurst Bilsham East Dean Redford Didling Gospel Green Castle Town Tullecombe Goose Green Rustington Lodsworth East Beach Pyecombe Codmore Hill The, Close Littlehampton Norton Sompting Durrington-on-Sea Sta Hammer Gay Street Dumpford Bolnore Chilgrove Elmers Marsh Sullington Warren Maudlin Walderton Thorney Island North End Rose Green Tower Hill Durleighmarsh Copsale Twineham Green Inlands Ashington Halnaker Green Street West Chiltington Common Wick Clayton Climping Rogate Cocking Crockerhill Minsted Lancing Nuthurst Oakhill Broadford Bridge Aldingbourne Hunston Greatham West Town Bedham Nepcote Fyning Churchwood Somerley Whyke Trotten Marsh Upwaltham Durrington White's Green Tortington Kent Street Ingrams Green Nyewood Coolhurst Wood Hardham Southern Cross Bucks Green South Bersted Faygate Ashfold Crossways Slinfold Ifieldwood Warningcamp Brookpits Oving World's End Westergate East Harting Manor Royal Copthorne Hoyle Hassocks West Hoathly Lower Horncroft Tinsley Green Bury Fishersgate Broadbridge Mid Lavant North End Flansham Shopp Hill West Grinstead Marehill East Preston Haslingbourne The Haven Woodmancote West Burton Rowhook East Marden Hillgrove Coneyhurst Horsted Keynes West Chiltington East Ashling Burndell Staples Hill Dell Quay Hickstead Scayne's Hill East Hampnett Wepham Two Mile Ash Loxwood Hampers Green Bracklesham Burpham Cote Graffham Tangmere Stopham Maidenbower West Dean Eastergate Offham Crawley Eartham Dragons Green Warninglid Goring-by-Sea Topleigh Quebec Furnace Green Aldwick Slaugham Woodmansgreen Lumley Pulborough Chorley Common Turners Hill Leggatt Hill Haywards Heath Crossbush Highbrook Wineham Fisherstreet Woldhurst Down Park Tilgate Forest Row Hole Street Halfway Bridge Shripney South Harting South Ambersham Rookwood Compton Gorehill West Tarring Coombes Thakeham Navant Hill Abbotsford West Green Strettington Pagham Earnley Cowfold Adversane Findon Valley Bignor Storrington Lurgashall Horsemere Green Prinsted Sompting Abbotts Crosspost Sutton Whitemans Green Westerton Partridge Green Lower Beeding Tote Hill Birchgrove Lidsey Singleton Langley Green Chidham Ifold Little Common Ardingly Dial Green Small Dole Winterfold Upperton