Inheritance Tax (IHT) & Estates

Planning

Inheritance tax planning involves taking proactive steps to ensure that your assets pass to those close to you as tax efficiently as possible, whilst you retain the desired quality of life.

IHT is charged on death at 40% of the estate exceeding the nil rate band of £325,000.   Therefore relatively simple tax planning can produce significant savings!

IHT and estate planning may involve:

• The use of lifetime exemptions

• Regular gifts out of income

• Reliefs for business property and conversion of assets to business property

• The use of UK trusts, during lifetime and death

Compliance

Eaves & Co can assist in the preparation of IHT self assessment on behalf of the personal representatives and provide advice regarding:

• The chargeable estate for IHT purposes (including details of relevant reliefs/exemptions)

• The computation of IHT

• Effect of deed of variations or disclaimers after death

We can also assist in the preparation of income tax returns and CGT computations for estates in administration.