Capital Gains and Inheritance Tax Planning

It was once told that Inheritance Tax (IHT) was only a problem that affected the wealthy – times have changed.

The nil rate band has increased modestly, and property prices have outpaced tax inflation by a considerable margin, reeling many people into the IHT net.  Without adequate thought your estate could find itself paying tax unnecessarily.

You will need to ensure you have drawn up a will that reflects your wishes and is structured so as to take into consideration the impact of IHT.

‘Amongst other things we recommend that our clients consider taking advantage of the annual exemptions for lifetime transfers, the exemptions for gifts in consideration of marriage, and the exemption regime for gifts made out of income.

Business clients that have trading companies will need to ensure those companies are structured in such a way to ensure that their estate will be entitled to 100% Business Property Relief.

If you are non-domiciled for IHT and you have property abroad, or if your spouse is non-domiciled, you are going to need specialist advice, at Rayner Essex we can provide you with a professional service sensitive to your family’s future.