INHERITANCE TAX PLANNING

This is the nation’s least loved tax. Why should you pay tax on money that has already been taxed? 

With the value of properties high, more and more people are likely to incur tax liabilities on their death. This means less to pass on to children or other loved ones. Inheritance tax is paid on the value of assets, above the threshold, being transferred on a person’s death (subject to reliefs and exemptions). It is currently charged at 40% - not an insignificant figure! 

You can’t wait until death to plan! You need to consider this immediately.

There are exemptions and reliefs. You can consider gifts, trusts and inter spouse transfers to name a few. At the same time, we are conscious that it’s your money and you need to be sure that you maintain your chosen lifestyle. 

Your will should be carefully prepared. Charitable gifts in your will can be massively tax efficient.

Inheritance tax (IHT) is a growing concern for many people. The good news is that unlike many other taxes, there are plenty of things you can do now that will help you pass on as much of your wealth as possible to family and friends, rather than the taxman. At Quest Duthoit we understand the value of your money.

Inheritance tax is raised on the value of assets passing on a person’s death. It is also payable on certain lifetime gifts.