Inheritance Tax Planning
Not just for the wealthy
Death duties have been with us for centuries, and have been known successively as Estate Duty, Capital Transfer Tax, and now Inheritance Tax. Irrespective of the name, the object of the exercise has always been the same; to raise revenue from the estates of citizens.
Inheritance Tax no longer affects only the wealthy. It will undoubtedly come as a shock to many to discover that a large proportion of their wealth - either in the form of the family home, investments or even old family heirlooms - might actually have to be sold in order to meet the tax bill on death. Conversely, it will probably come as no surprise at all to learn that the Her Majesty's Revenue and Customs is always first in line and, unless a specific provision has been made, it is not usually possible to sell assets until probate has been granted.
While most people are aware of the existence of Inheritance Tax Planning, it is a subject which few people greet with enthusiasm and many, not surprisingly, would rather delay thinking about it. In fact, so few people do anything about their potential Inheritance Tax liability that Her Majesty's Revenue and Customs collected £2.5 billion in 2003 / 2004 alone.
Planning Opportunities
Helping you to help those who are left behind
The main motivation for most of us when it comes to help with Inheritance Tax planning is the welfare of those we leave behind.
Here are three practical courses of action to minimise Inheritance Tax:
- Ensure your Will is written and planned correctly to save the maximum amount of tax (For more details, visit our Legal Service)
- Transfer assets through the prudent use of lifetime gifts.
- Create a tax-efficient fund to enable the beneficiaries of an estate to meet the tax liability without disturbing the family wealth.
Within these broad headings, a variety of methods can be used. However, no one method can, or should, be considered a `complete solution` as each person will have differing circumstances and requirements and the taxation environment can change from time to time.
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