Inheritance tax & estate planning
You & your family
News
Autumn Budget 2024 – Full Summary
Chancellor Rachel Reeves delivered her Budget on 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.Â
Judge divorces wedding venue from Business Property Relief (BPR)
Claiming BPR from inheritance tax is a valuable tool in enabling family businesses to continue to operate down the generations. Â
Inheritance tax and estate planning
Few of us like to think about dying, but there is comfort in the knowledge that we have made adequate provisions for the family and friends we leave behind. With careful, advance planning it is possible to pass on your wealth to your chosen beneficiaries, and minimise the inheritance tax payable by your estate.
How much inheritance tax will I pay?
Inheritance tax is payable when the value of your estate exceeds the nil rate band (£325,000 for the tax year 2024/25). If you own your own house and have some savings, life assurance policies, or business assets, it is likely your estate could be liable. Additionally, some gifts you give while you’re alive may be taxed after your death.
Minimising inheritance tax
The amount of inheritance tax payable can be reduced by making the most of available reliefs, placing assets in trust, and using lifetime gifts. Using a will and insurance policies, to grant control of how the wealth is used by your heirs can also minimise the amount of inheritance tax payable on your death.
Inheritance tax and estate planning experts
Our experts can advise on ways to reduce inheritance tax. Working with trusted solicitors and independent financial advisers (IFAs), we can advise on inheritance tax reliefs, trusts and wills, alongside consideration of your long term savings and investment strategy.
You may find our tax tips download informative.
Speak to an inheritance tax and estate planning expert
Change to Whitley Stimpson
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Confirm to your accountant that you wish to move to Whitley Stimpson
Step 2
Supply Whitley Stimpson with your existing accountant’s details
Step 3
Relax. We’ll handle the rest.
You & your family
News
Autumn Budget 2024 – Full Summary
Chancellor Rachel Reeves delivered her Budget on 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’.Â
Judge divorces wedding venue from Business Property Relief (BPR)
Claiming BPR from inheritance tax is a valuable tool in enabling family businesses to continue to operate down the generations. Â
Loose lips sink ships …
In Spencer vs Spencer, Lincolnshire farmer Michael Spencer recently won his case against the estate of his late father, John Spencer, leading to him successfully inheriting the family farming business. Â
This firm is not authorised under the Financial Services and Markets Act 2000 but, in certain circumstances, we are able to offer a limited range of investment services because we are members of the Institute of Chartered Accountants in England & Wales. We can provide these investment services if they are an incidental part of the professional services we have been engaged to provide.
Partners in your progress
Contact us for help passing on your wealth to your chosen beneficiaries, and minimising the inheritance tax payable by your estate.
