Inheritance Tax

Inheritance Tax is a Tax upon the Estate of someone who has died. The Estate will be comprised of the deceased persons assets such as property, jewellery, vehicles and money held in bank accounts. If the assessed value of the Estate is above the Nil Rate Bond, the value of the Estate above this threshold will be liable to 40% Tax payable to HMRC.

We are sure that no-one wants to pay any more Inheritance Tax than is absolutely necessary and there are a number of ways in which the Inheritance Tax liability can be reduced. This can however prove to be rather complicated and generally needs to be completed a number of years before the Estate owner dies. There is also the possibility that if you make a non-cash gift to someone whilst you are alive, such as a gift of property or shares, then you or the recipient could then be liable to paying Capital Gains Tax.

This is where sound Inheritance Tax advice comes to the fore - we can help.

Whilst very few people look forward to dying, the sooner your affairs are in order then the better it is for all those who will be affected. Inheritance Tax is a liability that affects the survived parties at a time when everyone is at their lowest ebb. It is therefore sensible to plan for that eventuality to ensure your Estate is transferred to your loved ones with the minimum of fuss and stress, whilst also doing your best to retain what you have spent your whole life achieving.

Barnstone Accountancy can help you to determine the most Tax efficient means of dividing your Estate, by analysing your assets and what you can do to minimise any potential Inheritance Tax liabilities for your loved ones. We will talk you through all of the possible options, such as gifting, setting up Trusts and making donations to charities. You will always be assured of our utmost discretion and we can do as much or as little as you require of us both before and after your demise.

If you would like to speak with us in regard to your Inheritance Tax requirements, then please contact us by pressing the “Contact Us” button or by utilising the contact details below.

No fuss, jargon free and easy to understand.