Inheritance Tax
Most people think about planning for not only their future but for their loved ones.
Inheritance Tax (“IHT”) is payable on an individual’s Estate when they die and also on certain lifetime gifts. Whilst it is often an emotive issue, steps can be taken to avoid what is often regarded as a “voluntary” tax.
Inheritance is determined by an individual’s domicile, not residence which is a popular misconception.
We can advise on all matters of IHT, including:
● calculating the potential exposure;
● chargeable lifetime transfers and potential exempt transfers;
● planning to mitigate any potential exposure, including the use of trusts and life assurance;
● the various exemptions and reliefs that can be accessed to mitigate potential IHT exposure; and
● “deemed UK domicile” for non-UK domiciled individuals.