This is a complex area and as inheritance tax is payable at the rate of 40% on the net estate (after allowances) substantial savings can result by taking action.
We are specialists and can advise you how best to take advantage of allowable reliefs and appropriate trust arrangements.
As probate charges are now at an all-time high we can help you reduce these by having an annual estate valuation.
Q: What is the level of IHT?
A: For a single person it is £325,000 and a married couple £650,000.
Q: Can I reduce my IHT bill?
A: Yes, the main reliefs to cut your liabilities are listed below:
Residence nil rate band (RNRB) National purposes
Annual gift Political parties
Marriage /partnership gifts Tapering relief
Gift of land Business property relief
Quick succession relief
Small gifts to one person
Charity donation relief
Lifetime transfers
Q: Can TRS Secretaries help me with Inheritance Tax Planning?
A: Yes, but we would require details of your estate in order to make a calculation and predict your liability.