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A Guide to Inheritance Tax and Tax Planning
In principle, the value of an individual's estate on death (together with the value of any gifts made in the previous seven years) is subject to Inheritance Tax ("IHT") at the rate of 40%. In practice, there are a number of exemptions and reliefs from IHT which mean that, by sensible planning, IHT payable on the value of assets at death and lifetime gifts can be greatly reduced.
Advice designed to minimise IHT can be complicated and will always depend on the circumstances relevant to each individual case. For instance, it may relate specifically to lifetime gifts, gifts byWill, the creation of trusts or to a combination of all of these.
Hewitsons has a specialist department to advise on the whole range of Capital Tax planning for both business and private clients.We would therefore be pleased to advise you
on your own particular circumstances and to outline some tax planning measures if appropriate.
Hewitsons LLP is authorised and regulated by the Solicitors Regulation Authority.