We have recently assisted a number of clients with Inheritance Tax strategies and it has been of significant value to those who have requested it. We are therefore making all clients aware of the option to discuss IHT.
The key issues are:
Many clients are unaware of their potential liability, especially given property values in the local area and the outdated (in our view) ceiling for relief
Potential for significant changes to the inheritance tax regime if there is a change of Government
Timing; planning for IHT is often left too late and should be addressed as early as possible
In the meeting we will:
Establish a personal or family "balance sheet" to allow a calculation of the potential IHT liability
Discuss family circumstances and how each asset is owned
Consider whether your current will(s) reflect your wishes and make best use of tax allowances
Review all options to minimise the IHT liability
Consider any Capital Gains Tax implications in relation to potential gifting of assets
Complete a report with an assessment for your personal liability and options following the meeting
IHT liabilities are best reviewed on an annual basis given the potential for changing family situations, tax laws and personal viewpoints. Chartered Tax Advisers are best placed to assist with these challenges, and we are lucky to have three of these here at Allens. If you would like to discuss the above, please contact Susie in the first instance, or reply to this email for information.
The Team at Allens.
If you would like to discuss this in further detail, please get in touch with your usual contact or e-mail us at hello@allensaccountants.com
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