Inheritance Tax UK

Bourne are specialists in dealing with UK inheritance tax, which is without doubt the most unpopular Tax in the UK and often referred to as the death tax as a result.   In recent years the government have strived to make the rules surrounding taxation easier to understand but with the value of properties increasing faster than inflation never before have so many individuals been at risk of being caught in the Inheritance Tax Trap.  it makes sense to seek expert advice early and reduce your exposure.

Questions we are often asked include:

  • how much is inheritance tax
  • how to avoid inheritance tax
  • How to calculate inheritance tax
  • How to complete inheritance tax forms
  • What are the rules around inheritance tax gifts
  • What’s the inheritance tax on property
  • What is the inheritance tax rate
  • What are the inheritance tax rules
  • What is the inheritance tax threshold

Everyone’s situation is different so there is usually no textbook answer, we recommend you speak to us directly and allow us to better understand your interests and highlight how the inheritance tax rules will impact you.

Estate planning
Few of us like to think about dying, however the relevant legislation requires us to plan well in advance. This means making the necessary provisions now. There are many tax opportunities available and the earlier arrangements are made, the greater the chance of taking full advantage of our complicated tax system.

It is important when planning to transfer an estate that adequate provision is made and getting the right balance requires considerable skill and foresight – along with a detailed knowledge of the current tax regime.

We provide a discreet comprehensive estate planning service that includes:

  • Help with planning and reviewing a will Making full use of exemptions and lower tax rates on lifetime transfers
  • Optimising lifetime transfers between family members
  • Transferring agricultural or business property
  • Transferring assets into trust
  • Arranging adequate life assurance to cover potential inheritance tax liabilities

We also have expertise in dealing with trusts which are a legal instrument that allow you to give away your assets now but keep control until you want the beneficiary to have use of them.  There can be considerable inheritance tax savings and other tax benefits.  We can advise on the most suitable type of trust to fulfil your wishes, assist in setting up the trust and provide the full range of accounting services required for trust management.