Inheritance Tax Planning

Effective advice for your inheritance tax planning.

Without effective Inheritance Tax (IHT) planning, families and other beneficiaries face a 40% tax when inheriting assets above the threshold of £325,000. Through expert IHT planning, you can ensure they receive more of your money. And the sooner you start planning, the more inheritance tax you can potentially save.

How inheritance tax works

Inheritance tax is applied to all assets above the £325,000 IHT threshold when a UK citizen leaves assets to someone other than their spouse or civil partner. Foreign nationals who own UK property or have other UK assets valued at over £325,000 are also subject to IHT. The tax does not apply if you are leaving money to a charity or amateur sports club.

How we can help

When you have worked hard all your life to protect your family’s future, you want to make sure that your loved ones are fully benefitting from your assets, wealth and property when you pass away.

Through Page Kirk’s expert IHT planning services, we can help to ensure your beneficiaries receive as much of your inheritance as possible by identifying tax efficiencies, reliefs and exemptions.

Our experienced IHT planners can help to maximise your beneficiaries’ inheritance through a range of possible tax planning solutions, such as:

Transferring tax-free allowances to spouses and civil partners
Lifetime gifts and Potentially Exempt Transfers (PETs)
Charity donations

Trusts
Leaving your home to children or grandchildren (increasing the threshold to £500,000)
Decreasing the chargeable estate in the light of debts and liabilities

There are many other factors that we can explore to find possible tax relief, such as regular payments out of your income, small gifts, wedding gifts and some other types of gifts that can reduce the value of your estate and therefore also reduce the tax liability.

If your main priority is to make sure that your family is left with as much inheritance as possible, setting up lifetime gifts or trusts can be the most suitable option.

Page Kirk can help you to find the most tax-efficient way to leave your estate to your beneficiaries, using our many years of IHT planning expertise to maximise the inheritance you pass on.

Our IHT services

Inheritance tax planning should start as early as possible, as many tax relief options rely on how long you live after making a gift. For example, transferring assets to a child or grandchild will only be exempt from IHT if you survive for at least seven years after the gift has been made.

Page Kirk offers a comprehensive review of your estate to establish your potential exposure to IHT. As part of the process, we can provide a personal balance sheet to show a full inventory of your finances and assets.

Once we have conducted the review, we can identify the most tax-efficient solutions to reduce your IHT liability. We will provide you with a set of recommendations and explain the details so that you can decide which options are the best for you and your family/beneficiaries.

Lighten the burden for your loved ones

As well as reviewing ways to reduce IHT to financially benefit your family, our IHT planning services will make it more straightforward for the executor of your will to work through tax obligations, reducing the stress of making arrangements following a death.

IHT must be paid within six months of a person dying and, if this deadline is not met, HMRC begins to charge interest on the outstanding tax. Where payment of IHT could cause financial issues, we can help explore the option for the liability to be paid in instalments spread out over up to ten years.

Contact our team today for expert advice on reducing your IHT tax liabilities and securing a brighter financial future for your loved ones.

Why choose Page Kirk?

We will provide you with a dedicated account manager who will ensure that your IHT obligations are completed with minimal effort and hassle for you. Our IHT Planning knowledge enables us to save our clients money by reducing the tax burden through reliefs and exemptions they may not realise they’re eligible for.

Our personalised service can be combined with other accountancy services, so that you have a friendly, award-winning team of chartered tax advisors who understand your business, working towards better financial outcomes for you.

At Page Kirk, our chartered accountants and chartered tax advisers can provide you with all the advice you need, taking away the stress and concerns over your tax affairs.

A single point of contact for all of your enquiries
A dedicated tax department with a wealth of experience and expertise
Tax consultants who are Chartered Tax Advisers, ensuring sound and up-to-date advice

A service that is tailor-made for you
Quick response time
Hands-on partners
Nottingham-based accountants with national and international reach

What’s next?

Arrange a consultation to find out how we can help you. Call us today on 0115 955 5500 or email enquiries@pagekirk.co.uk.

Talk to Our Team

If you already have an accountant, it’s quick and easy to switch to Page Kirk.

Page Kirk is a leading accountancy practice in Nottingham, but we service clients across the country, so wherever you are based, we can help. We will assign you an accountant to assist you in growing your business and improving its efficiency. Contact us to find out how we can help you today.

Find Out More

Get in touch

From ensuring that you comply with your statutory requirements, to navigating the scaling-up of your business, through to effective profit extraction and dealing with your tax affairs, Page Kirk Nottingham accountants are here for you every step of the way.

Accessibility links