Sussex: 01273 956270
Surrey: 01252 471211

Tax Planning

No one needs to pay inheritance tax if they don’t want to.

Inheritance tax is completely avoidable if you take a little time to organise your affairs properly. The crucial thing is that you must take some action. If you don’t, your estate will be subject to inheritance tax at 40%.

Most people feel inheritance tax is unfair as they have already paid tax on their money when they earned it, so why should they be taxed again when passing on their life-savings to their children?

Inheritance tax is not the tax of the rich, (in fact the rich are unlikely to pay it at all since they are more likely to have the correct measures in place to avoid it). Most people who now pay inheritance tax are ordinary folk with ordinary possessions and more people are falling into the IHT bracket every year due to the current Government freeze on your personal allowance.

Some things you can do to protect against inheritance tax are extremely simple and you can start doing them right away. Please call or email us for our leaflet explaining the following:

1. Your annual gifting allowance

2. Your personal Nil rate band

3. Passing your Nil rate band to your spouse/civil partner

4. Making gifts out of surplus income

5. Making small gifts up to £250

6. Gifts on marriage

7. The 7 year rule

Beyond the basics listed above the options are slightly more involved. They are not necessarily complex but they do take a little more explaining and arranging.

Our approach is to meet with you and thoroughly get to know your circumstances. We will then prepare a report that gives you the options open to you and makes a recommendation as to the best way to avoid paying inheritance tax. The solution will be tailor-made to your lifestyle. It is crucial to get the right fit for you.

Some clients need to retain access to their money, others need an ongoing income, some are older and want an instant tax saving option, others are happy to build their tax saving gradually. We make sure you have exactly the right arrangements for you and your life.

Our approach to inheritance tax planning is often a blend of tax efficient will drafting, trust arrangements, investments and insurance. We don’t offer any wild schemes we just offer good honest advice you can trust.

Click Here to Download Leaflet

For more information, please contact:

GoodLaw Solicitors