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Inheritance Tax Planning

Inheritance Tax Planning is all about passing as much of your estate as possible onto your loved ones and can be a big burden for many people, not just those with large estates. It is payable on everything you have of value when you die; usually payable on death, but there are certain circumstances when it becomes payable earlier. Without the right Inheritance Tax planning in place you could pass on just 60% of your wealth to your loved ones with the Government taking 40%.

Making provisions for your loved ones after you’re gone is a fundamental part of managing your estate and assets. People often pay more tax than they need to, but we could help you to make the most of the available reliefs and allowances on savings, investments and pensions. By taking the right action and making sure it is managed correctly you could reduce the value of your estate, and in turn, any future Inheritance Tax bill. Inheritance Tax can be complex so it’s vital to plan ahead and ensure arrangements you make are flexible as you may need to change these in the future should circumstances change.

Inheritance Tax Planning Advice

Our Independent Financial Advisers can recommend the most tax-efficient ways to plan your finances. Our advice will take into account your situation and will cover tax issues such as:

  • Tax relief on pension savings
  • Capital Gains Tax on investments
  • The best way to manage Inheritance Tax
  • Other tax efficient options including ISAs

There are a number of solutions which can be used to help mitigate Inheritance Tax, each may differ depending on your individual circumstances:

a gift

Gifts

You’re allowed to make a number of small gifts each year which, when managed correctly, help reduces the value of your estate. If you make larger gifts, known as Potentially Exempt Transfers, you could have to pay Inheritance Tax on their value if you die within seven years.

a will

A Will

A professionally drawn Will is the foundation of Inheritance Tax planning. If a person dies without their Will in place their spouse or partner could eventually receive most of the estate, but not all of it; which may result in your loved ones not benefiting from your estate as you wished.

life insurance

Trusts

Setting up Trusts can be flexible and a tax effective way to provide for your loved ones. When looking to ensure they receive a pay-out as soon as possible, a Trust could be worth considering. Moving part of your wealth into a Trust can help reduce Inheritance Tax.

life insurance

Life Cover

If you don’t want to give away your assets while you’re still alive you may want to consider taking out a life insurance policy to pay part or all of a potential Inheritance Tax bill.

charity donation

Charity Donation

Leaving a contribution of your estate to charity can reduce your Inheritance Tax. It means that the donation wouldn’t count towards the total taxable value of your estate.

Find your local Truly Independent financial adviser

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Michael Finch

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Neill Anderson

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Paul Turner

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Rob Ritchie

Alnwick, Northumberland

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Tracey Davies

Cardiff

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Wendy Brown

Doncaster

Pension Investment Protection

Alan Simpson

Hamilton, Lanarkshire

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Andy Stocker

Beverley

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Comran Taher

Hull, East Yorkshire

Pension Investment Protection

David Bartholomew

Carlisle, Cumbria

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David Illingworth

Glasgow

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David Dean

Reading, Berkshire

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Mark Robertson

Glasgow

Equity Release, Pension Investment Protection Mortgages

Mark G. Ainsley

Pulborough, West Sussex

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Maxine Scott

Thornhill, Dumfries

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Darren Hopkins

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Grant Livingstone

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John Martin

Kirkintilloch

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Martyn Clemie

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Alex Douglas

Dunfermline, Fife

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Mark Cooper

Purley, Surrey

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James Larton

Lancaster, Lancashire

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Paul Mabbett

Sutton Coldfield, West Midlands

Pension Investment Protection

Adrian Harding

Bristol

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Alistair Woodman

Carlisle

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Paul Hughes

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Simon Haydock

Cardiff

Equity Release, Investment, Long Term Care, Pension, Tax Planning

Andrew Brown

Trowbridge

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Ian Watters

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Mortgage Advice, Protection

Alan Murphy

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Miles Finch

Bristol

Ethical and ESG Investing & Protection, Investments, Pensions, Retirement Planning

David Harvey

Newport

IHT Planning, Pension Investment Protection

Brian Munroe

Bournemouth

IHT Planning, Pension Investment Protection

Martyn Brown

Bournemouth

IHT Planning, Pension Investment Protection

Emily Davies

Abercynon

Pension Investment Protection

Karl Vidak

Denny

Pension Investment Protection

Guy Jenkins

Hereford

Equity Release, IHT Planning, Pension Investment Protection

Kim Brand

Bishop's Stortford, Hertfordshire

Pension Investment Protection

Gordon Lowrie

Cumbernauld

IHT Planning, Pension Investment Protection

David Young

Falkirk

Pension Investment Protection

Jane Williams

Swansea

Pension Investment Protection Mortgages

Neil Aspinall

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John Shapland

Norwich

Pension Investment Protection Mortgages

Sylvia Al-Saad

Southampton

IHT Planning, Pension Investment

Ewa Brzeska

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Dave Brown

Warminster

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Matthew Fitt

Exeter, Devon

Investment, Mortgages, Pension, Protection

Tony Millward

Shepperton , Surrey

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Peter Gibbins

Nottingham

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Mohammed Ilyas

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Neil Jeffrey

Carlisle, Cumbria

Truly Private Client Adviser

Craig Robinson

Reading, Berkshire

Equity Release, Investments, Mortgages, Pensions, Protection

Craig Hopkins

Talbot Green, Wales

Truly Private Client Adviser

Chris Irwin

Workington, Cumbria

Truly Private Client Adviser

Jon Ellis

Weymouth, Dorset

Investment, Pension, Protection, Retirement Planning

Luke Moloney

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Gethin John

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Rohid Ladva

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Truly Private Client Adviser

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Gina Rogers

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Andrew Penny

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Get in touch

01228 587588
info@trulyonline.co.uk
Truly Independent Ltd, Atlantic House, Parkhouse, Carlisle CA3 0LJ
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