Inheritance Tax (IHT) is undoubtedly a complex and sensitive issue. Dealing with a loss is traumatic enough, never mind the subsequent tax issues – but our team of experts will guide and advise you through the sensitivity surrounding IHT and forward planning.
IHT on death
Lifetime transfers
IHT for trusts
IHT on death
We work with clients and their solicitors to provide support preparing the complex IHT return that is required following a death. Our skilled professionals provide help and advice in relation to the reliefs that may be available and assist with valuations of shares and other assets.
We understand the areas where HMRC often raises enquiries – including valuations of property or shares, where business or agricultural reliefs are claimed, or where non-UK domicile is claimed. You can rest assured that we will lead these negotiations with HMRC and deal with the complex questions that arise.
Lifetime transfers
Most gifts are either wholly or partially exempt or are only taxed if the donor does not survive seven years. Some gifts, such as to trusts or companies, are taxable when they are made. Making a return of such gifts is not part of the Self Assessment process and the time limit for the return and payment of the tax is normally six months after the gift is made. We will help you ensure you are fully compliant and minimise any tax liability.
Keeping a running seven-year total of gifts made is something we always recommend. Some gifts need more detailed record keeping to enable personal representatives to prove that reliefs can apply. We can maintain these records on your behalf so they are available when required.
IHT for trusts
Trusts are subject to their own regime for inheritance tax, although there are still some trusts in existence that follow older rules. Some IHT charges for trusts are transaction based but others occur on a regular cycle. We help trustees anticipate these charges, reduce them where possible, and help them decide how best to fund them.
