Inheritance Tax Planning
Curtailing the liability of an asset for Inheritance Tax (IHT) is possible through simple and lawful measures. IHT is payable on the value of assets passed on after death, but with the right planning—including a proper will and testament, professional advice, and strategic arrangements—you can reduce your IHT exposure effectively.
Our team of highly experienced accountants helps individuals minimise tax liability and maximize tax efficiency. With our guidance, many clients have successfully passed on their wealth to family, friends, or charitable causes without incurring unnecessary IHT.
We can assist whether you are just starting with tax planning or need support with asset planning. Our approach is straightforward, helping you take control of your finances while ensuring compliance with UK tax law.
Book a Free Consultation
Enroll today for a consultation, and we’ll walk you through how we can support your IHT planning—completely free of charge, with no obligations.
Work with an Inheritance Tax Accountant
1. Calculate
Gather all your financial figures and asset details before your consultation. This helps our capital gains and inheritance tax specialists provide the most relevant and accurate advice for your situation.
2. Book Your Consultation
Schedule a free consultation with our team. We’ll explain everything clearly in plain English, so you fully understand your options and strategies.
3. Become a Client
If you decide to partner with Simplified Global Accounting Solutions, we’ll send your paperwork by post. Complete and return it, and our team will begin managing your inheritance tax planning efficiently and securely.
Capital Gains Tax (CGT)
What is Capital Gains Tax?
Capital Gains Tax is the tax you may owe when you sell an asset at a higher value than you originally paid for it. Most commonly, CGT applies when you sell a property that isn’t your primary residence or transfer assets into a trust.
Tax-Free Allowance
You may benefit from an annual tax-free exemption—£12,000 for the 2019-20 tax year. Gains above this threshold may be subject to Capital Gains Tax.
Rates
CGT rates vary based on the type of asset and your income, ranging from 10% to 28% for property or non-property gains.
You don’t need to pay Capital Gains Tax if:
You’re selling your main residential property
You’re selling a personal vehicle
Your gains are below £6,000
You’re gifting money to a spouse, civil partner, or charity
Your gain falls within the tax-free allowance
Inheritance Tax (IHT)
What is Inheritance Tax?
Inheritance Tax applies to assets (property, savings, investments) passed on after death. For estates above £325,000, a rate of 40% applies on the value exceeding the threshold.
This can significantly reduce what you pass on to your loved ones, which makes early tax planning essential.
Ways to Reduce Inheritance Tax Exposure
Strategic tax planning with a professional advisor
Setting up trusts
Gifting to charity via your will
Making gifts to family or loved ones during your lifetime