If you are looking for help with Inheritance in Tenterden, we can help. Our local team of chartered accountants in the Tenterden office are fully up to date with the latest legislation in all areas of Inheritance Tax Planning.
We know you want to pass on as much as you can to your friends & family. Minimising the liability to Inheritance Tax takes methodical practice that will ensure the best possible deal for the people you care about the most.
When is IHT Applicable?
Inheritance Tax is currently applicable on Estates worth over £325,000 (2019 - 2020). If your combined assets such as your property, personal savings and business assets are worth more than this, you need to have a plan in place.
How can we help?
As highly qualified partners within the firm, we have extensive knowledge of how IHT works. When you decide to work with us, we can make you aware of everything you need to consider such as the current value of your assets, your financial security and your families future needs.
Planning Your Will
By utilising our services, you can better plan out your will, knowing that you are covering yourself for the remainder of your life as well as protecting your beneficiaries.
What can you do to reduce the IHT bill?
It is important to enlist the help of a fully trained, chartered account to help you to navigate the tricky world of IHT. There are so many ways to reduce or even eliminate IHT to the benefit of your beneficiaries.
- A spouse or civil partner can transfer assets without paying IHT but it may be more tax-efficient to manage your finances with other lifetime gifts.
- A trust is another way to transfer assets from your estate. It allows you to transfer funds up to the value of £325,000 with no Inheritance Tax. For transfers over £325,000, the charge will be 20% (2019 - 20).
- If you gift during your lifetime, then these gifts can be entirely exempt from IHT f you live for 7 years after giving the gift.
- There is a reduced rate of IHT which is applicable when 10% of the estate has been left to charity. This rate is set at 36% (2019 - 20).
Plan Your Inheritance Tax in Tenterden
As you can see, there are so many considerations to take into account when planning your Inheritance Tax. We offer a free one-hour consultation so you can come and have a talk to one of our advisors before you begin working with us.
If you would like help with your Inheritance Tax Planning in Tenterden, please get in touch with a member of our team today. You can contact us online or call us on 01580 765171.