helping you through the maze of inheritance tax planning
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OR EMAIL: info@planningiht.com | OR: Fill out our contact form here
Experts who can help reduce or eliminate your UK inheritance tax liability
We specialise in providing you with help on all your UK Inheritance Tax (IHT) issues. Our panel of highly qualified national Independent Financial Advisers assist clients in mitigating their Inheritance Tax liabilities. With forward planning and a mixture of UK Inland Revenue (HMRC) approved Inheritance Tax strategies, we try to eliminate most, if not all of your potential liability.
Please read some of our frequently asked inheritance tax questions, request your free inheritance tax guide or contact us today.
Did you know...
Q1: What is Inheritance Tax?
A1: Inheritance Tax is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone’s lifetime. Some estates don’t have to pay Inheritance Tax because they are valued at less than the threshold (£325,000 in 2010/11).
Q2: Is Inheritance Tax different if I am married or in a civil partnership?
A2: Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies - to as much as £650,000 in 2010-11. Their executors or personal representatives must transfer the first spouse or civil partner’s unused Inheritance Tax threshold or ‘nil rate band’ to the second spouse or civil partner when they die.
Q3: Who is responsible for paying Inheritance Tax?
A3: Inheritance Tax is payable by different people in different circumstances. Typically, the executor or personal representative pays it using funds from the deceased’s estate. The trustees are usually responsible for paying Inheritance Tax on assets in, or transferred into, a trust. Sometimes people who have received gifts, or who inherit from the deceased, have to pay Inheritance Tax.
Q4: What is the deadline for paying Inheritance Tax?
A4: In most cases, you must pay Inheritance Tax within six months of the end of the month in which the deceased died. After this, interest will be charged on the amount outstanding. You can pay in annual instalments over ten years if the value of the estate is tied up in property such as a house. The due dates are different if you're paying Inheritance Tax on a trust.
Q5: How do I pay Inheritance Tax?
A5: There are various ways to pay the Inheritance Tax due on an estate, including paying on account or paying in instalments.
Q5: Does all Inheritance Tax planning involve trusts, I do not wish to lose access to my money?
A5: No. Although trust work forms a valuable part of Inheritance Tax planning, there are many other strategies that may be suitable for you which do not involve trusts. An Independent Financial Adviser would make a recommendation after a complete analysis of your circumstances and will advise the best course of action for you.