Inheritance Tax is often referred to as a ‘voluntary tax’ in that, with the correct planning, it may be possible to reduce the amount of money paid to the Government. With the value of the average residential property in many areas of the country now exceeding the Inheritance Tax exemption, this area of planning is growing in significance.
We can advise you on ways of reducing your taxable Estate, in a number of areas:
Lifetime exemptions
Although such exemptions may be small, over time they can substantially reduce a taxable Estate whilst having no Inheritance Tax implications.
Gifts into Trust
We can recommend and implement gifts into Trust, where tax and non-tax reasons make it appropriate.
Importantly, Trusts enable a donor to retain control over their assets and provides some flexibility over their eventual distribution.
If structured correctly Trusts can provide excellent tax advantages, not only in terms of Inheritance Tax but also in terms of Capital Gains and Income Taxes.
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