Inheritance Tax (IHT) is regarded by many as an unfair form of double taxation – since it effectively charges 40% on income that has already been taxed.
Yet there are a number of simple steps that can be taken to reduce or eliminate it.
With our proprietary 4E tax planning system, we combine the very best of low hanging tax fruits with commercial based planning to ensure that your inheritance tax position is optimised, penalties are eliminated whilst protecting you against tax risks.
Consider the scenario below.
Mark and Sue Smith are married, and are both only children and sole beneficiaries in their parents’ Estates. Thanks to property prices, both sets of parents have Estates of £600,000.
Did you know that by having a simple tax efficient wills, then when they die each Estate will save over £100,000 in Inheritance Tax?. In addition, if Mark and Sue also have tax efficient wills, then their son Peter will get an extra £110,000 when they die.
So from simple Will-based inheritance tax planning alone, the Smith family will be over £310,000 better off. The earlier you plan the better. As part of our IHT mitigation service we will calculate your potential exposure to IHT, provide you with our recommendations and estimate the potential amount of tax you can save.
Please call us on 0208 875 2530 or email us with your queries.