Inheritance Tax Planning

Inheritance tax planningAfter a lifetime of hard work, your first priority is to make sure your enjoy a comfortable retirement. Your second is to pass on as much of your money and as many assets as possible to your loved ones – not to the taxman!

That’s where Inheritance Tax Planning comes in. If you use THP’s expert advice to plan ahead, you can employ a variety of completely legal strategies to reduce your eventual IHT bill.

The best way to put successful Inheritance Tax Planning in place is to start as early as possible – ideally before you’ve even retired. Don’t become one of the four-fifths of people over 60 who haven’t made any plans about their estate: get in touch with us today and we’ll help you start the process as soon as possible.

TALK TO US ABOUT INHERITANCE TAX PLANNING

If you want to make the best provision for your loved ones, it’s essential to begin Inheritance Tax planning as soon as possible. Don’t delay – get in touch with our friendly team today.

How our IHT planning service works

Inheritance Tax planning needs to be tailored precisely to your financial situation – and your wishes for passing on your assets. When you work with one of our IHT specialists, we’ll help you:

  • Discover the exact position in respect of your assets and wealth
  • Understand how IHT applies to you and what you can do about it
  • See what exemptions are available – and whether they’ll work for you
  • Understand how IHT works in relation to Wills, trusts, gifts, reliefs and Capital Gains Tax on property.
  • Plan for your future and that of your family and loved ones.

Our IHT specialists will advise and support you in planning for the future. Why not give one of them a call today?

Introducing our IHT planning team

Ian Henman

Hello. My name’s Ian Henman and I’m a legacy planning specialist. At THP, we have friendly and knowledgeable Inheritance Tax Planning experts who can help you pass on more of your estate to your family, friends, loved ones and charities. Please feel free to contact any one of us – we’re based in our London at Essex offices at Wanstead, Cheam, Chelmsford and Saffron Walden.

Ian Henman
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Ian Henman
Client Services & Legacy Planning

“We work hard to understand our client’s underlying interests, not just their surface ‘wants’, to earn their respect as a trusted advisor”

Adrian Hart
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Adrian Hart
Chairman

"People are proud to work for THP and our clients are our best advocates. It’s satisfying to see."

Karen Jones
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Karen Jones
Tax Manager

"You need to have good attention to detail if you want to succeed and save money for your clients"

Katy Macaree
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Katy Macaree
Tax Manager

"The team shares expertise. We have great discussions on complex problems which is good for clients.”

Kate Brasser
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Kate Brasser
Client Director

"We have the in-house resources to service larger clients, whilst maintaining a personal approach"

Mark Ingle
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Mark Ingle
Client Director

"There's something really satisfying about helping a client go beyond just an annual tax return.”

IHT planning - your questions answered

At the time of writing, if your estate is valued at £325,000 or more, then you will normally pay IHT on anything over that amount. However, it’s not always that simple. For example, if you give your house to your children or grandchildren, the threshold can rise to £500,000. Different rules also apply to leaving money or assets to your spouse, civil partner or charity. We can advise you on what rates are likely to apply to your estate.

Yes, even if an estate doesn’t meet the IHT threshold, you still need to report it to HMRC. You can do this here.

IHT is normally paid by the executor of a Will. This means beneficiaries do not normally pay tax on what they inherit after Inheritance Tax has been paid. However, there are exceptions – so be sure to ask for advice.

Yes, it’s possible to gift money before you die so that it becomes exempt from IHT. However, if you give away more than £325,000 or die within seven years of making the gift, then IHT will become payable. This is one reason why it’s so important to begin Inheritance Tax planning as soon as possible.

Start your Inheritance Tax planning today!

Remember, the sooner you begin your Inheritance Tax planning, the more likely it is that you’ll be able to pass more of your estate to your loved ones – and less to the taxman. Get in touch with our IHT team today.

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