With rising property prices in the UK inheritance tax (IHT) is no longer a tax reserved just for the wealthy. If you have an ‘estate’ with a value which exceeds the UK’s ‘nil rate band’ you could find yourself passing an unwelcome and unnecessary tax liability on with your estate on death. This can leave your family facing the prospect of having to sell assets in order to meet that tax liability.

Our advisers can provide bespoke advice which ensures your personal circumstances and wishes are fully considered, whilst achieving the optimum IHT position during your lifetime and on death.

This will be achieved by conducting a brief wealth review which establishes the value of your individual estate together with that of your partner. We will consider your level of income and spending requirements, family details, previous IHT relevant events and anticipated future events, your approach to risk, current wills and future intentions for your business and personal life.

Following our wealth review our advice may include some or all of the following:

• Working alongside your legal and financial advisers to ensure your will is adequate and meets your personal and IHT planning objectives;
• Ensuring you benefit from all exemptions and reliefs applicable to gifts made during your lifetime;
• For those born outside the UK or who have foreign parents, reviewing your domicile status and advice on the application of the deemed domicile rules.
• Ensuring you benefit from all exemptions and reliefs applicable to gifts made on death;
• Advising you on the use of trusts, where appropriate, to ensure succession and protection of assets and removal of assets from your estate;
• Considering planning opportunities which remove the value of the family home from your estate;
• Freezing the value of assets and ensuring increases in value do not suffer IHT;
• Capital gains tax issues arising from lifetime gifts including hold-over or gift reliefs and transfers between spouses, gifts into trust;
• Ensuring business owners qualify for 100% ‘Business Property Relief’ (BPR);
• Restructuring your investment portfolio to invest in assets which are IHT efficient;
• Life assurance and pensions;
• Considering your exposure to the pre-owned assets tax regime.

If you would like one of our advisers to carry out a wealth review and consider your IHT position please contact us.