Inheritance Tax Planning

Inheritance tax is a tax that is generally applied to the value of a person’s estate upon death although in some circumstances it is a tax that may need to be paid during a person’s lifetime.

There is normally no inheritance tax to pay upon death if the value of your estate is below the threshold or if the estate passes in a particular way, for example to a surviving spouse, civil partner or charity. Inheritance tax can also potentially be avoided on the death of a second spouse where the estate benefits from a transferable nil rate band.

The importance of advance planning

At Burley Geach we recognise the importance of structuring one’s affairs to ensure that all available reliefs and exemptions from inheritance tax are properly and correctly claimed. Failure to plan in advance may result in the tax payable being higher than it needed to be.

Tax planning might involve the structuring of your will in a particular way to ensure that appropriate exemptions and reliefs are available at the point of death or through tax planning strategies during your lifetime should your circumstances and assets allow.

There may be an opportunity to mitigate a tax liability at the point that an estate is being administered through the use of a deed of variation.

With all tax planning strategies it is imperative to obtain professional input from an experienced and qualified adviser. Please do not hesitate to contact a member of our team to discuss your particular situation in more detail.