Inheritance tax was once an issue affecting only the 'high net worth' client but has now become something which the majority of us need to consider. It is essential in considering the terms of your Will that we discuss with you the steps which can be taken to shelter assets from inheritance tax.
Inheritance Tax Rules and Rates
However, it is not only sufficient to put in place inheritance tax efficient Wills, it is also necessary to consider how the ownership of your assets is structured so that both you and your spouse or civil partner can fully maximise the inheritance tax planning opportunities available. Whilst there are a range of options available to you, some of these are restricted in use if, for example, you have made gifts of assets between you and your spouse in the last 20 years or so. If that is the case, we at Armitage Sykes are more able to provide a tailor-made Will that deals with this problem.
It is also good practice to consider with you the availability of any relief from inheritance tax, for example business or agricultural property, and we can consider with you how to take advantage fully of any such relief.
Other Tax Planning Opportunities
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