Key areas we advice on includes
Inheritance Tax
Inheritance Tax is a tax on the estate (the property, money, and possessions) of someone who is died.
I. Allowances and rates
Each person has £325,000 per every seven years after transferring the estate to someone else such as children, grandchildren, trusts or friends etc.
If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren, your threshold can increase to £500,000.
The standard Inheritance Tax rate is 40%.
There is usually no Inheritance Tax to pay on your home if you move out and live for another seven years. If you want to continue living in your property after giving it away, it may be chargeable for inheritance tax at 40%.
If your domicile is abroad, Inheritance Tax is only paid on your UK assets, for example, property or bank accounts you have in the UK.
II. Reliefs and exceptions
Some gifts you give while you are alive may be taxed after your death. Depending on when you gave the gift, ‘taper relief’ might mean the Inheritance Tax charged on the gift is less than 40%.
Other reliefs, such as Business Relief, Agricultural Relief, allow some assets to be passed on free of Inheritance Tax or with a reduced bill.
You can give away up to £8,250 worth of gifts each tax year (6 April to 5 April) without them being added to the value of your estate.
III. Our fees
Our fees start from £950 for inheritance tax services.