Inheritance Tax Planning

Service Description

Inheritance Tax (IHT) is the tax levied after someone’s death on their money, property and possessions – known as their estate. IHT is based on the estate at the time of their passing as well as anything given away by them in the previous seven years (sometimes longer if particular circumstances apply). When we die, we like to imagine that we can pass on our assets to our loved ones so that they can benefit from them. In order for them to benefit fully from our assets, it is important to consider the impact of inheritance tax (IHT). Tailored wealth succession planning enables a smooth transition to the next generation as well as minimising tax liabilities. That's why at Edmil Accountants we take it serious when it comes to advise: - Individuals whose estate planning is close to the nil rate band or many times larger; - Techniques to mitigate inheritance tax on family homes, family businesses and investment portfolios; - On both lifetime transfers and wills. However, estate planning is not solely about tax and we adopt a common sense approach, helping you to ensure your own financial needs are met and to avoid "giving away too much too soon". If you think your estate might have to pay Inheritance Tax, then there are some simple inheritance tax planning measures you can take to reduce the amount payable. Like most things, Inheritance Tax benefits from early planning. The sooner you think about it, the better. There are a number of ways of planning ahead and avoiding inheritance tax. It’s important to point out that inheritance tax is complicated and you should not take any action (or not take action) in an attempt to limit Inheritance tax without proper advice specific to your circumstances. There are severe penalties for breaking the tax rules or if incorrect or incomplete information is given to HMRC. Give us a call or book an appointment and we can explain it in details.

Contact Details

• 146 Broadway, Didcot, UK

  + 01235 819806

  info@edmilaccountants.co.uk