Complexity of Inheritance Tax planning

The UK faces one of the highest effective rates of inheritance tax of any country in the developed world. Currently in 2015 it is 40% of any non-exempt assets over £325,000. Only France beats the UK in the G7 countries on that front.

Table of contents

Complexity of Inheritance Tax planning

Complexity of inheritance planning

The UK faces one of the highest effective rates of inheritance tax of any country in the developed world. Currently in 2015 it is 40% of any non-exempt assets over £325,000. Only France beats the UK in the G7 countries on that front.The high level of the tax is compounded by the complexity of inheritance tax planning system. Of those estates which are worth more than £1 million, approximately 40 per cent pay no inheritance tax at all - mainly due to forward thinking and good planning I suspect.It is not really surprising when you consider the fact that there are 91 different tax reliefs which open up a vast array of discounts and exemptions. Everything from wedding gifts, annual allowances on holiday lets to historic pieces of art is covered by the different reliefs.These wide variety of reliefs and exemptions hold many traps for the inexperienced or unwary. Inheritance Tax planning is complicated; it can be unfair, and at times surprisingly arbitrary.It’s not getting any easier. The Conservative Party pledged in its manifesto to introduce a new £175,000 transferable residential property allowance given to children or grandchildren. There is no doubt that this will reduce the burden on many households and so at least it is a step in the right direction. Like the nil rate band transferable allowance it will need to be claimed leading to further complications.It would seem that a better way to reform inheritance tax would be to overhaul and simplify the tax relief system. This review is already under way but bearing in mind the lack of tax income at present the review is unlikely to produce many benefits for those people whose assets exceed one million pounds.If you are in this position and would like to hold a no cost no obligation meeting to determine how you can save your family significant amounts of inheritance tax please email us.

Join our Newsletter

Subscribe and get the latest updates about inheritance tax and Estate Planning into your mailbox.

We help people with over £1 million in current assets pay ZERO in UK inheritance tax

One stop comprehensive specialist advice - Tax, financial planning and legal advice service with 18 years experience.

What our clients say
Read our 144
    
reviews

"It is gratifying to finally come across an adviser who gives sensible ongoing advice which is very client focused."

Frank Hibberd

Retired gentleman

"It is nice to know that we can now be certain that our daughter will inherit our money without giving a large slice of it to the government ."

Tony & Sue Perriss

"Everyone's situation is different but having an initial discussion with Charles has really helped me personally navigate what can be a daunting subject."

Bobby Chadda

"I particularly want to thank you for the open and transparent manner in which you have serviced my tax planning needs since I first met you seven or so years ago. In arranging my tax planning through you, I have confidence"

Michael Mahon

Retired gentleman

"Charles was really helpful from the outset and quickly clarified our situation for us... I have used Bluebond for  IHT and other tax advice and they have been very helpful with both. Charles is a very experienced and knowledgeable individual and I highly recommend Bluebond's services."

Sam Attenborough

Retired gentleman

I have used Bluebond for setting up a discretionary trust for my children as well as inheritance tax and estate planning for my home and  other properties. Having searched for years, it was only after meeting and speaking with Charles that I felt confident enough to take these next steps, and I'm very glad I did. His ability to explain complex issues in simple terms and walk you through every step of the process is quite simply unparalleled.

Imran Qureshi

Excellent and comprehensive advice concerning all things financial in one place. Enthusiastic, Educational, Expert, value oriented, Professional and Polite are adjectives that come to mind as well as great attention to detail.

Deirdre Buckley

Inheritance tax is a minefield. Charles de Lastic of Bluebond Tax Planning is the best in the business at helping you to chart the path that is right for you to ensure your estate is structured in the most tax efficient manner.

Nicholas Dickinson

Charles provides clients with valuable insights that clearly demonstrate expertise built over the years. Charles and his team guided us through a estate planning journey and then addressing complex Inheritance Tax matters. They have been very transparent with their advice and cost. Overall an excellent service. Highly recommended

Shailesh Karia

The information contained in this web site is for UK consumers only.  Like most firms of solicitors and accountants, Bluebond Tax Planning is not regulated by the FCA. The content of this website does not constitute FCA regulated financial advice and all content is provided for general information purposes only. Bluebond is not responsible for any action you may take as a result of information on this site. All advice will be delivered on a personal basis once we fully understand your situation and our client agreements have been signed.

Copyright © 2024 Bluebond.co.uk
-
Copyright Notice
-
Legal Disclaimer
-
Terms & Conditions
-
Privacy Policy