Inheritance Tax Planning

Inheritance Tax Planning

Inheritance Tax planning for future generations

Nobody likes to think of a time when they are not around but planning as a family to minimise Inheritance Tax (IHT) needs careful consideration. It’s not just about making sure the wishes of those gifting are fully met, but that the transfer of assets between generations is handled in the most tax efficient manner, so future generations gain real benefit from the bequest. 

At Haggards Crowther, we have an experienced team available to help you navigate your way through these difficult and sometimes challenging issues, ensuring you make the most tax effective decisions.

How we can help with Inheritance Tax planning

Inheritance tax is a broad and complex area of tax planning, but we have the skillset to advice you accordingly, including:

  • Making best use of annual and other IHT allowances.
  • Why you should have a Will in place, whatever your status – the Will is central to UK Inheritance Tax planning.
  • Gifting away of any surplus annual income and why you should evidence such gifts.
  • The options available in passing ownership of the family home either to relatives or to children.
  • Assessing the impact of a marriage, a birth in the family or a divorce.
  • Dealing with misconceptions about IHT charged on your gifts, especially those lifetime gifts made to adult and minor children.
  • The role of a favoured charity.
  • Advising on the 7-year IHT rule, and the impact of making successive gifts.
  • Advising on the tax implications of trusts, including bare trusts, life interest trusts and discretionary trusts.
  • Planning in respect of any deceased spouse’s unused lifetime allowances. Assessing the impact of Capital Gains Tax on IHT planning and ensuring allowances and reliefs are used. 

Start planning early

As with all tax planning matters, the earlier you discuss options with us, the more we can do to help. Every year that passes, you lose access to annual allowances! So, contact us to make an appointment and see how we can work together to get your tax affairs in order for your loved ones.

Tax Efficient Estate Planning

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