Are you looking for Inheritance Tax Planning Services in Rye? Our friendly team of local chartered accountants can help. We are fully up to date with the latest legislation and laws in relation to Inheritance Tax Planning.
Flexible and reliable, we can help you to plan your Inheritance Tax to pass on as much as possible to those you care about the most.
When does IHT apply?
You currently have to pay Inheritance Tax on any estate worth over £325,000 (2019-2020). The estate comprises of the combined assets which include any properties, business assets & personal savings. Make sure you have a plan in place if your assets are worth more than £325,000.
How can GMP help?
When you choose to work with GMP, you are working with a partner within the firm. We have in-depth knowledge and experience of IHT so we can help you to create the best plan possible to reduce any costs to your beneficiaries.
We will take into account the current value of your assets, any potential growth, your financial security and the future needs of your family.
Planning for the Future
It is critical that you create a will to protect the people whom you wish to gift your assets and estate. But it is also important to make sure you have enough to cover your costs for the remainder of your life. Work with us to put a plan in place that will protect both yourself and your beneficiaries.
How can you reduce the amount payable on IHT?
Enlisting the help of a qualified, highly trained accountant you can trust is key in helping you to navigate the world of IHT. Read below to see some of the ways you can reduce or eliminate the need for IHT.
- There are rules that stipulate that a civil partner or a spouse can transfer assets without paying IHT. Although this option is available, lifetime gifts may be a more tax-efficient way to manage your finances.
- You could also set up a trust fund. This will allow you to transfer assets of up to £325,000 without IHT. Any transfers over £325,00 will be chargeable at 20% (2019-20).
- If you choose to leave 10% of your estate to charity, then the IHT Rate is lower and you will be charged 36% (2019-20).
- If you gift during your lifetime, then these gifts can be entirely exempt from IHT, but only if you live for 7 years after giving the gift.
Inheritance Tax Planning in Rye
If you would like to begin to plan your inheritance tax with one of our partners, please get in touch. There are so many elements to take into consideration, and only by working with a chartered accountant can you be sure that you have explored every option.
We offer free, one-hour consultations so you can come and speak to a member of our team before you decide to work with us. Contact us online or call today on 01797 223127