IHT Planning
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Inheritance Tax Planning
Inheritance tax effects more and more families. It is one of our system’s taxes that with careful planning you and your beneficiaries can legitimately avoid paying.
If your estate is worth more than a certain threshold, currently £325,000, i.e. £650,000 for married couples or civil partners, when you die, it is taxed at a rate of 40% on anything above the threshold.
A separate additional allowance can apply to your home if it is left to your children. This is currently £175,000 each so offers a further £350,000 for a couple.
This means that a couple can have a threshold or nil rate band of up to £1 million which the government allows you to pass on before your beneficiaries have to pay tax.
Our Services
Planning ahead
There are many different ways to plan ahead and reduce an inheritance tax liability, some solutions are based on gifting wealth, others use trusts whilst some solutions use existing legislation to bring the value of an investment out of Inheritance Tax calculations after 2 years. Implementing plans to help mitigate Inheritance tax liabilities requires a thorough understanding of your current situation as well as a vision as to what you want to achieve for your wider family.
Often Long Term Care funding planning goes hand in hand with Inheritance Tax planning when talking to clients. Holistic financial planning at this stage in life is key to helping you keep more of the wealth you have worked hard throughout your life to accumulate.
Associated service
Wills & Probate
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Our Offices
Westgate House,
25 Westgate Otley,
Leeds,
LS21 3AT
How to find us
Gordian Financial Services offers face to face financial advice.
With over 30 years’ experience, find out today how we can help you achieve your financial goals.