IHT is charged on the worldwide estates of individuals domiciled within the UK (or deemed to be domiciled here due to length of residence). In addition, UK assets of non-UK domiciliaries are caught within the UK IHT net, albeit relief may be available under a double taxation Treaty. Although it is often described as a "voluntary tax" on families, IHT has yielded dramatically increased returns for HMRC in recent years. Although the benefit of the nil rate band can now be passed on to a spouse or civil partner, the Government intends to continue increasing the amount of IHT it collects; the current nil rate band is to be frozen until 2014/15. Ever more anti-avoidance rules to combat complex tax planning arrangements will continue to emerge.
However, substantial savings can be made without resorting to controversial arrangements. By explaining the issues and guiding you through all the tax-saving options, we can help you approach this problem in a practical and constructive way. The right tax saving plan for you and your family may involve some or all of the following:
- giving away assets in your lifetime
- sensible succession arrangements for your business
- creating trusts
- insurance arrangements
- acquiring specialised investments
- simply including the right clauses in your Will.
An important early stage of the planning process will be to consider your intentions, your income and capital requirements (both now and in the future) and your family circumstances.
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For advice and practical help please contact us.
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