MENU Inheritance Tax Home / Individuals / Inheritance Tax Today, even modest estates will be affected by IHT but the well-advised can take steps to significantly reduce the liability or even remove it altogether. The trick is to plan well in advance. Few taxes are more disliked than inheritance tax (IHT) People perceive paying inheritance tax on cash and assets generated from already taxed income to be unfair and, unless you take some well-considered advice, HMRC could end up being the major beneficiary of your hard work rather than family and loved ones. Although people mainly think of IHT as a tax on death it can also be payable during your lifetime. You need to think about IHT if you are undertaking any transaction which involves a gift. IHT can also be payable when you make transfers into most trusts. IHT does not just affect those with large estates. Without the right planning, you could end up passing on just 60% of your wealth to your loved ones. They might even need to sell assets to pay the IHT bill, which can be particularly upsetting if that asset is the family business or a much-loved family home. A well-drafted and up to date will is essential to make sure the right individuals benefit from your estate, and that any relevant reliefs can be claimed. You can also begin to look at later life planning to ensure you’re doing everything you can to leave your loves ones in a comfortable position. IHT planning can include advice on: Gifting Trusts Whole of life insurance Investments that attract business property relief (BPR) Book Consultation To book your initial consultation (no cost or obligation), please fill in the form below with your details and one of our financial planning experts will be in touch. “Aimee calmly dealt with my concerns but didn’t put me under pressure to do ‘the right thing’. What she did do was enable me to see things more rationally and enable me to make my own mind up.” Jane Taylor, Dorset Related Services Alongside our expert advice on Inheritance Tax, we also offer a range of other financial planning services. Please see a few of these listed below: INHERITENCE TAX INVESTMENT PLANNING LATER LIFE PLANNING LIFETIME FINANCIAL FORECASTING PENSIONS & DIVORCE PERSONAL PROTECTION PERSONAL TAX RETIREMENT PLANNING 0800 832 1785 Privacy Policy Legal Disclaimer Cookie Policy Gender Pay, Diversity and Inclusion Modern Slavery and Human Trafficking Policy Covid-19 – Office Procedures and Practices Office Bristol Exeter Plymouth Poole Salisbury Taunton Torquay Truro About Us Meet Our Team Book Consultation View Insights Contact Us Portal Logins Our Client Portal Standard Life Wrap Parmenion Seven IM Francis Clark Financial Planning is the trading name of Francis Clark Financial Planning Ltd. Registered Office: Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF registered in England No. 05413603. Francis Clark Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority (FCA) No. 433591. Tax and estate planning are not regulated by the FCA. The value of investments can fall as well as rise. You may not get back what you invest. © Copyright 2021 - Francis Clark Financial Planning Ltd