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Inheritance Tax Advice from Specialist Accountants

Receive expert inheritance tax advice to minimize your liability to HMRC and ensure your family retains as much of your estate as possible.

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Inheritance Tax Advice

At A&T Financial Services, our team of accountants is dedicated to providing you with inheritance tax advice to minimize your inheritance tax liability.

Inheritance tax (IHT) is a levy imposed when individuals inherit assets from a deceased person, also known as estate or death duty. The IHT rate depends on factors such as the value of the inheritance, the beneficiary's relationship with the deceased, and their state of residence.

To pay IHT, you must obtain an IHT reference number three weeks before payment and settle the amount by the end of the sixth month after the deceased's passing. Failure to comply incurs interest on the outstanding amount.

Inheritance tax can pose a significant burden for many individuals who lack understanding of its calculation. Without proper planning, the portion of assets transferred to loved ones may be affected, potentially leading to the need to sell assets to cover IHT liabilities, particularly concerning if the asset is a family business.

By engaging specialist accountants like A&T Financial Services, you can effectively reduce your inheritance tax liability. We offer personalized advice and tailored solutions to help you navigate inheritance tax matters.

Discover how A&T Financial Services' capital gains tax advice can effectively reduce your liability.

  1. Asset Valuation: We offer assistance in valuing your assets and reviewing your portfolio, enabling you to understand your inheritance tax (IHT) liability.
  2. Allowances and Exemptions: Our experts review allowances and exemptions available to you, helping minimize your liability to HMRC and ensuring your family retains as much of your estate as possible.
  3. Structuring Your Company: We explain the crucial considerations in structuring your company to qualify for business property relief, a key element in estate planning.

Allow us to alleviate the burden of Inheritance Tax for you.

If you're interested in learning more about our inheritance tax advice or require assistance in understanding the allowances and exemptions you're eligible for, please don't hesitate to reach out to us.

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Inheritance Tax Allowances and Exemptions

Taxes are an unavoidable aspect of life, but with Inheritance Tax (IHT), there are certain allowances and exceptions that can exempt you from the tax burden.

When a person passes away, their estate's value over the nil rate band is subject to IHT at a rate of 40%, unless it's directly transferred to a spouse or registered civil partner. This implies that the first £325,000 of your estate will not be taxed.

As a couple, you have the option to combine your thresholds by transferring any unused portion of your IHT-free allowance to your surviving spouse upon your death. By doubling the allowance, a couple can potentially pass on a total of £650,000 tax-free before incurring a 40% inheritance tax liability.

Business property relief

As a business owner in the UK, you can explore Business Property Relief (BPR) as a strategy to mitigate your Inheritance Tax (IHT) liability. Working with a specialist accountant, you can potentially transfer your business assets to your children without incurring IHT charges.

To qualify for BPR, you must have owned the assets or the business for a minimum of two years before your passing. This means that if you pass away shortly after starting your business, your assets won't be exempt from inheritance tax. However, if you inherit your spouse's business, and their ownership period, when combined with yours, exceeds two years, you may qualify for BPR relief.

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What is a trust, and how does it affect inheritance tax?

Consider placing some of your money or assets into a trust to benefit yourself, your children, or your spouse, as they are excluded from inheritance tax (IHT) calculations. You have the option to set up a trust immediately or establish one in your will.

Transferring certain assets into a trust during your lifetime may result in Capital Gains Tax (CGT) implications. However, if you establish a trust in your will, there will be no liability to CGT. It's important to note that some trust types are subject to their tax regimes, and the trust itself might be liable for IHT. For example, trustees may face Income Tax at 45% and capital gains tax at 28%.

Feel free to reach out to us to help you navigate potential inheritance tax pitfalls and maximize your allowance.

At A&T Financial Services, we provide a wide range of personal tax services, from capital gains guidance to self-assessment tax returns. We are well-equipped to offer comprehensive tax advice tailored to your circumstances. Additionally, our inheritance tax specialist accountants will ensure you retain the benefits of your efforts, without undue taxation by HMRC.

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