Inheritance tax consultation for landlords
Seeking inheritance tax advice isn’t compulsory.
It does help you and your loved ones get to grips with your potential IHT liability. You will want to ensure that you don’t pay more than is required. Your loved ones should benefit from your hard work and benefit from the wealth & legacy assets you have created.
Inheritance tax advice
Like many taxes in the United Kingdom, Inheritance Tax (IHT) is avoidable if you plan. There is nothing worse than writing a will and allocating 40% of your wealth to HMRC rather than your children, other family members, friends or charities.
Did you want to gift HMRC 40% on your death?
The sad reality is that many people do not think about IHT until it is too late. You can create a legal, practical, and effective IHT mitigating plan with our support.
How to minimise IHT
There are simple things that you can do today to minimise tomorrows IHT
Our approach is simple and effective as we work with you to minimise Inheritance Tax that could be paid to HMRC if no plan is implemented.
Make sure you read our article about UK IHT mitigation:
Our goal is to maximise your family wealth whilst reducing HMRC’s tax liabilities.
Why are people paying 40% of their wealth to HMRC?
1 – They are not planning ahead or at all. Assets grow, as does their IHT liability
2 – They plan too late. Many people will make plans when they are getting older or becoming ill. Many tax avoidance issues prevent these plans from saving you IHT.
3 – Money is tied up in assets that are subject to Inheritance Tax when they could be converted. Not only will you save IHT, but you may also save on income tax or Capital Gains Tax if appropriately restructured.
4 – There are no plans or documentation to say how assets will be passed down. This may cause other issues other than tax, but why not ensure your assets are passed to those you want.
5 – People do not make gifts to children because they worry about what might happen. Trusts is a great tool to save both Inheritance Tax and Capital Gains Tax whilst ensuring your assets are safeguarded.
Ways to legally minimise UK IHT
Gifts
Making gifts to children makes all the sense in the world. Your children get the benefit of the gift in your lifetime and provided you survive for 7 years the asset will no longer be part of your estate.
Debts
IHT is calculated on your net assets. Why not raise debt against your assets and live a little? Provided that you spend the money, your assets will decrease, as will your IHT liability
Life Insurance
Did you know that you can buy insurance products that will pay your IHT? This means that you nor your children need to worry about paying HMRC.
Inheritance tax consultation for landlords
Although we have now told you about the implications of UK inheritance tax there are some basics that you need to know about your home and inheritance tax
Assets free from UK IHT
£325,000
Assets that will not be subject to IHT
£175,000
Residence Nil Rate Band for your home in excess of £325,000
40%
Assets in excess of the amounts discussed could be subject to 40% Inheritance Tax
Tell us about your Inheritance Tax issues
What UK tax issues do you need to have resolved. Before we can help we need some more details about your UK assets.
