Inheritance Tax Planning
Inheritance tax planning is the process of designating who will receive your assets and handle your responsibilities after your death. The goal is to ensure beneficiaries receive assets in a way that minimises the various taxes involved.
Reducing Inheritance Tax
Inheritance tax is a tax on the estate (the property, money and possessions) of someone who has died. The inheritance tax rate is currently at 40% in the UK. Early tax planning can help reduce the amount of inheritance tax payable on your estate and make sure they are protected and secured for your loved ones.
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Inheritance tax can be reduced by, for example by:
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leaving your estate to your spouse or civil partner
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putting your assets into a trust for your heirs
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giving gifts while you are alive
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leaving part of your estate to charity
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using life insurance to pay the tax
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the use of property allowances
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business exit strategies
How We Can Help
With in-depth experience in tax accounting, the tax specialists at P & Co can help you meet your estate planning needs and help you apply the various inheritance tax exemptions, thresholds, reliefs and allowances available and help you navigate the complex rules around nil rate bands, residence nil rate bands, planning issues for spouses and children, and other complex issues.
Our dedicated and experienced tax experts are most suited to give you advice on inheritance tax planning, particularly if you have complex financial needs, for example:
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you are a non-UK domicile person
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you have properties and assets outside the UK
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you own a business (whether as a sole trader, owner of a limited company or partner in a partnership)
P & Co will review your net financial situation, alongside your future needs to help advise you to determine the most effective way to protect your assets. All of these require careful planning over an extended period – so the sooner you start to think about inheritance tax planning, the better.
Your Success Is Our Success
Our ethos is simple. Using our expertise, network, and presence to help you succeed will in turn bring success to P&Co. We go beyond accounting, acting as true partners in your business. This approach ensures you receive not only excellent technical work but also added value that exceeds expectations.
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#YourSuccessIsOurSuccess