Inheritance Tax Advice (IHT)

Inheritance tax is paid on the estate of a person who passes away or, potentially, on trusts and gifts that have been made by a person during their lifetime. There is inheritance tax liability on an estate if the value has exceeded a set government threshold.

Inheritance tax is usually paid for out of the deceased’s estate, by the executor or personal representative. The estate must be valued in order to determine whether or not there is an inheritance tax liability on it.  This includes any assets that the deceased held jointly with another person.

However, it is possible – with careful planning and good advice – to mitigate or altogether avoid Inheritance Tax charges.

Your will is a key part of IHT planning. The advice of a legal expert is recommended for the drafting or alterations to your will. PK Group can review the tax efficiency of your will and take the time to understand your personal circumstances and domicile status, before carrying out a full valuation of your estate.

Our valuation can provide you with a comprehensive overview of the ‘lifetime giving opportunities’ that are available to you, calculate your current Inheritance Tax position taking into account any interactions with the Capital Gains Tax regime, and highlight potential amendments to your Will that may improve your position.

Our full report will normally consider the use of exemptions, the application of Business Property Relief, the use of Trusts, the ownership of the matrimonial home and the implications of long term care funding on the Estate.

If you would like to find out more about our inheritance tax services, please contact your PK Group Advisor.  If you have not worked with us before, please do get in touch and one our tax experts will be happy to assist right away.