Avoiding inheritance tax is achieved through comprehensive, perceptive estate planning. IWC offer a range of services to assist you including; will writing, IPDI trusts, nil rate band discretionary trusts and pilot trusts. We can also advise you on the best possible ways to avoid inheritance tax based on your individual circumstances. This could be by making the most of exemptions such as gifts, selling or gifting property to your spouse or beneficiaries or converting to tenants in common.
IHT is perceived as the most unfair tax in the UK. After over a lifetime of taxation; income tax, national insurance, VAT and capital gains, you incur death duty at the rate of 40% on anything over the nil rate band (£325k in 2010/2011). It`s no surprise that avoiding tax is a high priority in estate planning. There are many legal ways that you can use exemptions and distance your assets from the estate in order to limit the liability. This means your loved ones will receive their legacy without the massive 40% millstone of IHT.
IWC can help you manage your finances and plan your estate so it`s tax efficient, avoiding inheritance tax liability. You can benefit from our expert advice and guidance, offered nationwide including;
Advice from full STEP members or Law degree qualified professionals, with a wealth of experience.Our legal advisors are specialists in the field, fully conversant with current inheritance laws and taxation.
We provide a comprehensive service and are able to provide assistance with all aspects of preparing for death including; will writing, tax mitigation and guiding your family through the probate process.
IWC operate a low-cost, fixed pricing system, you`ll know our fee in advance so there`s no nasty surprises later on. We do not charge per task, phone-call or email, nor do we have expensive hourly rates.
We`ll even visit you in the comfort of your own home!
Call us now on 0800 612 6105 for free help and advice on inheritance tax or to find out more about our services.
How to Avoid?
Here are some common methods you can use to lessen IHT liability. Please note that this is for illustrative purposes only, it is not individual tax advice and may not be the best thing to do in your circumstances.
Use your Allowances, you can gift up to £3000 every year tax free
Get married, your spouse will be exempt from IHT.
If one of your children lives at home, sell your half of the property to them.
Put insurance policies and pensions into a trust as they won`t count towards the estate.
Equity release where you gift the money to heirs.
Sell your half of a property to your spouse in exchange for an IOU Promissory note, this note can be gifted to children and is CGT free as it`s not actually worth anything.
Sell your property to children and `rent it` back from them. The CGT will be less than the IHT.
One simple call and together, we can create a plan for you! Contact IWC free on 0800 612 6105 for expert advice, lines are open until 10pm, 7 days a week.