Inheritance tax and estate planning advice

In order to ensure that our existing clients receive the best possible service we are currently not taking on any new pension, investment or wealth management clients. We apologise for not being able to assist at this time.

With property prices rising steadily more and more families will be caught in the inheritance tax (IHT) net in coming years. Boston Spa, Wetherby, Yorkshire based IFAs Matthew Harris and Wendy Cochran have long experience in the use of available exemptions, gifts and trusts to reduce or even avoid inheritance tax altogether.

Areas we can advise on include:

  • Transferring the IHT nil-rate band between spouses and civil partners
  • Using your annual £3,000 gift allowance
  • Making IHT-exempt gifts on marriage and to children in education
  • Cutting your inheritance tax rate by leaving the right amount of your estate to charity
  • Making potentially exempt gifts of any size during your lifetime
  • Using trusts during your lifetime to shelter assets from inheritance tax while retaining control of them
  • Understanding inheritance tax exemptions for business owners, farmers, and investors in AIM or unlisted shares
  • Avoiding being caught under the "gifts with reservation" rules (e.g. giving your children your house, but continuing to live in it)
  • Understanding the new enhanced nil-rate-band of up to £1,000,000 for couples with a family home

The key to reducing inheritance tax liability is forward planning, as gifts made more than seven years before death escape the inheritance tax net (unless they are gifts into trust in which case the situaiton can be more complex). Trusts also offer a valuable way to move assets out of your estate while retaining control over them and retaining the ability to determine who inherits them and when.

For a free initial consultation on your estate and inheritance tax planning needs, please get in touch.

Inheritance tax planning, independent financial advice Edinburgh, Fife

Independent financial advice. Regulated by the Financial Conduct Authority (FCA no. 603653). Company no. SC450460