If you are looking to reduce your tax liability through inheritance tax planning, you have come to the right place. For many years we have helped our clients organise their financial affairs which in turn helps reduce or avoid paying unnecessary tax. We offer real solutions which can be utilised to limit a client’s overall tax liability. Based in Edinburgh our tax and financial planning service is second to none and is here to help you put in order your finances to reduce the amount that you will pay in tax.
Inheritance tax – what is it?
Inheritance Tax is tax which is unavoidable and is payable on an estate when someone dies. In addition to inheritance tax something called IHT is payable on certain transfers, gifts or trusts made during a person’s lifetime – these can be up to 7 years before death. It is worth noting that not all estates are liable to pay IHT. The current inheritance tax threshold for is £325,000 but this may change in the coming months which is why it is worth finding out now if it applies to you as this requires us to get your estate valued so that the total IHT liability can be assessed. We can discuss certain exemptions and reliefs that may be available to you which can reduce the overall IHT liability.
For example, certain gifts and legacies are exempt from IHT, gifts and legacies made to your spouse or civil partner are exempt as well as gifts made to charities, whether during life or in your will and as we mentioned before gifts which you make 7 years or more before your death are also exempt, certain other gifts which fall under the annual exemption noir gifts of less than £250 are also exempt.
Inheritance Tax – how do I find out what applies to me?
When it comes to inheritance tax every case is very different which is why we would always insist in seeing the client or clients first. Call today and arrange a consultation with our inheritance tax experts. They will help and guide you telling you all the information they will need from the first inheritance tax consultation right through to the end. Call our Edinburgh office today on 0131 510 5764.