Inheritance Tax (IHT) is payable if the value of the deceased’s estate exceeds the Nil Rate Band. This stands at £275,000 for the 2005/2006 tax year and any assets above this amount are taxed at 40%.
Those with homes valued above £275,000 (most London homes) fall into the IHT trap. On a £500,000 house, the IHT charge on death would be £90,000.
It is ironic that the most punitive of taxes becomes payable after we have died! Fortunately, with the IHT mitigation opportunities currently available, it should be possible to reduce or even entirely eliminate your IHT liability.
We have an established relationship with a dedicated Will Writer which is the first step in Estate Planning.
Corporate tax planning
By preparing compliance returns, we frequently identify potential tax planning opportunities leading to potential future tax savings.
We consider the most tax efficient for remuneration for owner managed companies ie Director salaries vs dividends
Effective use of company assets eg property
Corporate tax mitigation using all Government tax breaks and allowances.
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