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Inheritance Tax (IHT) & Estates

Planning

Undertaking Inheritance tax planning ensures that your assets pass to those closest to you as tax efficiently as possible, whilst you retain sufficient funds to enjoy your retirement.

IHT is charged on death at 40% of the estate exceeding the nil rate band of £325,000.   Therefore relatively simple tax planning can produce significant savings!

IHT and estate planning may involve:

  • Reliefs for Business Property and conversion of assets to Business Property
  • The use of UK Trusts, during lifetime and death
  • Regular gifts out of income
  • The use of lifetime exemptions
  • Making full use of both spouses nil rate bands
  • Agricultural Property Relief
  • Consideration of election for deemed UK domicile may be beneficial

Compliance

Eaves & Co can assist in the preparation of IHT self assessment on behalf of the personal representatives and provide advice regarding:

  • The computation of IHT
  • The chargeable estate for IHT purposes (including details of relevant reliefs/exemptions)
  • Effect of Deed of Variations or disclaimers after death
  • Sale of Property by Executors (including allowable costs)

We can also assist in the preparation of Income Tax Returns and CGT computations for Estates in Administration.