Inheritance tax
IHT is often referred to as the "avoidable tax" and, with careful planning and forethought, it can be.
There are many reliefs and exemptions of which you can avail yourself, but the taxman does not give up these treasures easily. Good forward planning is the key to success and this is where we at UHY Hacker Young are keen to help. We appreciate that IHT affects many of us who do not regard ourselves as wealthy. Sometimes, merely owning a home is enough to make us eligible to suffer this tax. People are often shocked to learn that following the death of a family member, the taxman could demand anything up to 40% of their estate.
Meeting your needs
At the other end of the scale, we also acknowledge the importance of the family run business, be it a partnership, company or sole trading activity, and the need to protect your assets for future generations. IHT planning is crucial and we can tailor our plans to best meet your needs and the needs of your business. Sometimes, IHT planning can be an integral part of the arrangements that have to be made for an elderly relative in need of professional care. We have a number of suggestions for mitigation that may be appropriate.
Our advice
We believe that too many people are paying more IHT than necessary. Between the average householder and the wealthiest businessman there are a myriad of situations that would benefit from good IHT planning. We can help to establish which of the many exemptions and tax reliefs you could seek to benefit from. With careful tax planning starting as soon as possible you could expect to reduce your tax bill significantly. We have many experts in this field who have years of experience and much success in assisting individuals with their tax affairs.
Tax Guides
Our Tax Guides provide a wealth of information on a range of personal tax topics. Please click here to see the range available.
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