PROFESSIONAL ADVICE TO REDUCE INHERITANCE TAX LIABILITIES
Inheritance tax was once considered the tax of only the very wealthy, but due to the meteoric rise in house prices in recent decades, inheritance tax now affects many more UK taxpayers.
If you have an idea of the type of financial legacy you wish to leave behind, and the beneficiaries you wish to inherit your estate, it’s important to consider the issue of inheritance tax.
If the value of your beneficiaries’ inheritance is above your £325,000 inheritance tax threshold, or the £650,000 threshold if you are married, widowed or in a civil partnership, your beneficiaries’ inheritance tax bill could cost them a fortune. Most importantly, this is money lost that you had worked so hard to earn for your legacy.
At SRG, we offer highly-qualified advice to mitigate inheritance tax liabilities. Our proactive strategies are centred on your individual circumstances. Your nominated SRG adviser will have the expertise to consider the following inheritance tax planning solutions:
- The use of trusts
Placing money or property in a trust means that you don’t technically own it any more. This means that, providing certain criteria are met, these assets won’t contribute towards your beneficiaries’ inheritance tax bill when you die.
- Will planning
We can advise you when making a will, documenting your desire to leave your assets to your spouse or partner, resulting in no inheritance tax to pay.
- Business Property Relief
This offers inheritance tax relief on the transfer of your business assets at a rate of 50% or 100%, based on the type of your business property.
- Agricultural Property Relief
Individuals that own farmland, farm buildings, farmhouse or farm cottages can claim between 50% and 100% inheritance tax relief.
- The use of exemptions
Your nominated SRG adviser can recommend inheritance tax exemptions that you can use to give assets to your spouse, dependents or charities tax-free.
If you are concerned about your beneficiaries’ potential exposure to inheritance tax, our advisers would be delighted to discuss your situation and advise on effective solutions to reducing their liabilities.