Personal tax services

Inheritance Tax & Estate Planning

Inheritance tax has become an increasing concern for many in recent years, as property prices continue to rise and the tax threshold has remained frozen since 2009. IHT is currently paid on estates exceeding £325,000, including property, savings, pensions and investments, at a rate of 40% on everything above this threshold.

How can estate planning reduce my IHT bill?

There are a number of significant exemptions and allowances worth considering when estate planning, for example, IHT does not apply if your sole beneficiary is your spouse or civil partner, a charity, or a community amateur sports club. In addition, the IHT threshold doubles to £650,000 for married couples where the first person to die leaves their entire estate to their partner.

IHT enquiries

If you act as an executor on a loved one’s will, there is a chance you may become the target of an IHT enquiry if HMRC has questions regarding the estate. It is unlikely you will have ever acted as an executor before, and you may have never dealt with HMRC in any capacity, so the chance of making a mistake and triggering an investigation can be high. HMRC also perform random sample checks, so there is a small risk that you could come under an IHT investigation through no fault of your own.

At Tax Champion, we support our clients through the enquiry process with expert advice, guidance and representation, using our decades of experience dealing with HMRC to ensure that you receive fair treatment and achieve a satisfactory conclusion. We will also help you to put provisions in place, using careful estate and IHT planning to protect your loved ones from an unnecessary investigation in the event of your death.

Next steps

Get in touch to find out how our specialist tax advisors could help you with an IHT enquiry, email champion@taxchampion.co.uk or call 0800 195 8048.

Interested in
finding out more?

We’re looking forward to helping you achieve your financial goals.

Interested in
finding out more?

We’re looking forward to helping you
achieve your financial goals.

Interested in
finding out more?

We’re looking forward to helping you achieve your financial goals.