Inheritance Tax
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Leggate Associates: Specialising in Inheritance Tax Services
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To quote Benjamin Franklin “The only two things certain in life are death and taxes”
Inheritance Tax (“IHT”) brings the two certainties together, and is payable by an estate on the death of an individual. Since the tax free thresholds have not changed for many years, and property prices and inflation have escalated dramatically, many more estates now suffer IHT.
Since IHT is charged (mainly) at 40% on most assets over the tax free thresholds, this can make a substantial dent in what parents might have thought they were leaving to their beneficiaries.
It is therefore important that families have a “grown up” conversation about tax planning options which will reduce the tax burden on death.
Such planning and advice is complex and will vary from family to family.
At Leggate Associates, we can:
- Meet with individuals or families to discuss the potential impact of IHT on the death of a parent or relative
- Provide guidance to reduce the exposure to tax, balancing out the immediate and medium term needs of the individual with the long term desire to reduce tax
- Assist in putting plans into action
- Ultimately providing assistance to Executors on the completion of IHT returns to HMRC.
To see how we can help you, please contact us.
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