Inheritance tax mitigation

It used to be said that Inheritance Tax (IHT) is only a problem for the wealthy. It also used to be said that IHT was effectively a 'voluntary tax.' How times have changed!

While the 'nil rate band' has increased modestly, property prices have outpaced tax inflation by a considerable margin, drawing many people into the IHT net. Without adequate thought, your estate could find itself paying tax unnecessarily.

You will need to ensure you have drawn up a will that reflects your wishes and is structured so as to take into consideration the impact of IHT.

In 2006 the government threw the trust regime into turmoil. It now seems you will need to know whether any will drawn up prior to 6th April 2006 has been reviewed to ensure that it is still effective from an IHT perspective.

We recommend, among other things, that clients consider taking advantage of the annual exemptions for lifetime transfers, the exemptions for gifts in consideration of marriage, and the exemption regime for gifts made out of income.

Business clients that have trading companies will need to ensure those companies are structured in such a way to ensure that your estate will be entitled to 100% Business Property Relief.

If you are non-domiciled for Inheritance Tax and you have property abroad, or if your spouse is non-domiciled, you are going to need specialist advice.

The first priority for most people is to ensure that their family will be financially secure. Expert IHT is needed to achieve this. That’s where Goodman Jones comes in.

We provide a sensitve, considerate and above all professional service designed to secure your family's future.