Inheritance Tax Planning

Inheritance Tax Planning

Our legal experts take a bespoke approach to enable you to structure your Inheritance Tax planning to the particular needs of your family.
The tax rules in this country are such that you pay tax whilst you are alive, but also you can be subject to tax after you have died. This is called Inheritance Tax (often referred to as ‘IHT’).

IHT is tax payable on the value of your assets after your death, subject to certain allowances and exemptions. Currently each individual has a personal allowance of £325,000.00.

In general, if your assets exceed the personal allowance then you are subject to inheritance tax at 40% on the value by which your assets exceed that threshold. Gifts between married couples or registered civil partners are entirely free of tax. We can advise on a wide range of tax planning:-

  • Claiming Inheritance Tax relief (including the Residence Nil Rate Band).
  • Setting up Trusts as a structure to preserve family wealth.
  • Post-death tax planning including Deeds of Variation.
  • Creating Personal Injury Trusts.
  • Mitigating Capital Gains Tax.

As part of an overall consideration of an individual’s affairs, it is necessary not only to consider the setting up of Trusts in a Will but also the setting up of Trusts and other arrangements whilst a person is alive.

With the increasing number of second marriages and second families, general wealth and IHT planning is ever more vital to ensure that your tax liabilities are minimised for the next generation after you have died.

We have a specialist legal team who are always happy to talk through your personal circumstances and advise you of the best ways to proceed.

Please contact our lawyers at our offices in Chichester on 01243 778844, Bognor Regis on 01243 864001 and Worthing on 01903 228200.

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