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Inheritance Tax (IHT) is a tax levied on the value of an individual’s estate upon their death, including property, possessions, and money. There is a tax-free threshold, known as the “nil-rate band,” and any assets exceeding this threshold may be subject to IHT at a rate of 40%.
At HHM Chartered Accountants, we will help you understand the ins and outs of inheritance tax. Whether you’re a business owner, investor, or simply planning for your family’s future, our comprehensive resources will guide you through the process with clarity and confidence.
Inheritance Tax is a significant consideration for individuals and families when planning their financial legacies. HHM offers comprehensive guidance and services to navigate the complexities of IHT efficiently. In the UK, IHT is imposed on the value of a deceased individual’s estate, including assets like property, money, and possessions.
The tax rate for the portion of the estate exceeding the nil-rate band, which is the tax-free threshold, is set at 40%. However, HHM specialises in assisting clients in optimising their estate planning to minimise IHT liabilities legally. HHM’s expertise includes leveraging exemptions and reliefs available under UK tax law, such as the spouse or civil partner exemption and the residence nil-rate band for primary residences.
With a focus on tax-efficient gifting strategies, asset protection, and inheritance planning, HHM ensures that individuals and their families can pass on their wealth as seamlessly and tax-efficiently as possible.
HHM’s holistic approach to Inheritance Tax planning encompasses various financial instruments, trusts, and investment strategies, all aimed at preserving family wealth for future generations while adhering to tax regulations. With HHM, individuals can achieve peace of mind, knowing that their assets are safeguarded, and their legacy is structured optimally to minimise the impact of IHT.
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The executor or administrator of the deceased person’s estate is typically responsible for paying Inheritance Tax.
Yes, certain gifts made during an individual’s lifetime are exempt from Inheritance Tax, including small gifts and gifts to spouses or civil partners.
In most cases, Inheritance Tax must be paid within six months from the end of the month in which the individual passed away.
Strategies include making tax-efficient gifts, utilising exemptions, and creating trusts as part of estate planning.
The residence nil-rate band is an additional Inheritance Tax allowance for individuals leaving their main residence to direct descendants, such as children or grandchildren.
At HHM, we provide expert guidance and services to help you navigate the complexities of Inheritance Tax efficiently. Our dedicated team of professionals specialises in optimising your estate planning to legally minimise Inheritance Tax liabilities. We assess your unique financial situation and leverage exemptions and reliefs available under UK tax law, including the spouse or civil partner exemption and the residence nil-rate band. Our comprehensive approach includes tax-efficient gifting strategies, asset protection, and inheritance planning to preserve your family’s wealth for generations to come while ensuring compliance with tax regulations. With HHM, you can have peace of mind knowing that your assets are safeguarded, and your legacy is structured optimally to minimise the impact of Inheritance Tax.
The cost of HHM’s Inheritance Tax services can vary depending on the complexity of your estate, your financial situation, and the specific services you require. We offer tailored solutions to meet your unique needs, which means that the cost will be determined after an initial consultation where we assess your estate planning requirements. Our pricing is competitive and transparent, and we aim to provide value for the comprehensive services we offer. To get an accurate quote and discuss the cost of our Inheritance Tax services, please contact us for a consultation, and our team will be happy to provide you with a personalised estimate.
