Many people believe that Inheritance Tax (IHT) on their estate is inevitable. This is not however the case and should be addressed so that 40% of a person’s estate over the current lifetime limit is not payable in tax. It is possible to put arrangements in place during your lifetime to preserve as much of your wealth as possible.
In addition to being able to maximise lifetime allowances between spouses and inter vivo gifts (where no liability arises on transfers as long as the donor survives for 7 years following the transfer), there is scope for other planning which can shelter and protect assets, including shares, property and cash, from the exposure to IHT on transfer or death.
With increasing numbers of persons being caught up in IHT, due to the low annual increases in recent years to the lifetime allowance, compared to the relative increases in property, timely planning could potentially protect your personal wealth intact to pass on to your beneficiaries.
We can advise on a wide array of structures depending on the longer term aims of the relevant persons, including deathbed planning where appropriate. These approaches require a clear understanding of longer term objectives and succession planning.
For more information, please contact 0191 2322001 or email info@qubictax.com
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