At Cox Costello & Horne we can help with inheritance tax planning and estate planning. Here are some useful pointers.
It is never too early to plan your estate. If it is large, it could be exposed to inheritance tax at 40%, and if it is small, advance planning can help you ensure that your assets will go to your chosen beneficiaries.
Inheritance tax is often called a voluntary tax in that, with planning, the payment of inheritance can be avoided. It is a tax levied on a person’s estate when they die and on certain gifts made during an individual’s lifetime.
Gifts between UK-domiciled spouses during their lifetime or on death are exempt from IHT. Most gifts made more than seven years before death will escape tax. Therefore, if you plan in advance, gifts can be made tax-free and result in a substantial tax saving.
Cox Costello & Horne, can provide taxation advice to help you minimise the potential charge to inheritance tax.