Chartered Accountants & Business Advisors
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Tel : +44 (0)1226 245824
Email : info@deb-accountants.co.uk
DEB House, Wharncliffe Business Park,
Carlton, Barnsley, S71 3HR
Inheritance Tax

Your hard-earned wealth is subject to Inheritance Tax (IHT) which depletes your estate you leave to your family. If you own your own house and have some savings, life assurance policies, or business assets, your estate could be liable. Planning ahead to minimise the liability to IHT is crucially important to ensure your family continue to enjoy your estate and DEB work with clients to plan long-term objectives to minimise the proportion of your wealth to be taken by the tax man.

How does IHT work?

When you die, IHT will be charged on your personal wealth, together with all or a proportion of your lifetime gifts made in the preceding seven years. Where a person's estate is valued in excess of £325,000 for the years 2011/12 - 2014/15, it is taxed at a rate of 40%.

Most gifts made during your lifetime will be entirely exempt from IHT if you live for seven years after making the gift but this exemtion is reduced on a sliding scale for gifts made between three and seven years before your death.

What do you need to consider?
What do you need to consider?

The earlier you make a plan to deal with inheritance tax the better and the team at DEB would be delighted to work with you to consider the options most applicable to your own circumstances that would minimise your liability for IHT. Some of these strategies are:

Conclusion

We are living in an age of IHT planning opportunity. What you do is your decision, but the sooner you enlist our help the better.

Please feel free to contact us if you would like further help or advice on this subject .