What is Inheritance Tax?
Inheritance tax is normally paid by the unprepared, rather than by the rich.
Inheritance tax is payable if the value of your estate is above the threshold. A person’s estate includes the total of:
- everything owned in his or her name
- the share of anything owned jointly
- gifts from which he or she keeps back some benefit, for example, a house still lived in and maintained, although given to someone else
- assets held in trust from which he or she gets some personal benefit, for example, an income
If you think about it long enough in advance, it’s usually possible to avoid a great deal of unnecessary tax by a number of plans that not even the Revenue object to.
How can Branston Adams help you reduce your exposure to Inheritance Tax?
We will advise you on the best way to arrange your affairs and avoid paying unnecessary tax, providing up-to-date advice on what works, as well as what doesn’t work.
We will also take care of all compliance issues with HM Revenue and Customs on your behalf.