Tax Planning Services Inheritance Tax
Why Choose Us?
Continuous investment in our specialist advisors gives you the reassurance that your tax matters are dealt with by experts in their field. Our specialist tax team are:
- Accurate, timely and cost effective
- Highly qualified, specialist tax advisors
- Skilled at identifying tax savings opportunities
- Experienced in managing complex circumstances
- Provide ongoing support. We value long term relationships.
- Most important of all, efficient tax planning can result in significant tax savings.
Inheritance Tax
Our team of tax specialists at Carrington Blake Accountancy will look at the following to better help you with your tax on inheritance:
- Your existing savings and investments
- Your current tax situation in relation to income tax, capital gains tax and inheritance tax
- Your tax allowances to ensure you are making the most of your Capital Gains Tax (CGT) allowance, personal allowance, and annual gift exemption
- Properties, including any holiday homes or investment properties
- Your income, including bonuses, interest on investments and rent
- Your other assets, including art and jewellery
- The currencies and jurisdictions in which you’re invested
- The jurisdiction where you are resident or domiciled
- Your insurance arrangements.
Financial Gifts
Money can be allocated in a variety of ways. They range from one-time cash gifts to gifting recurring income, as well as establishing trusts for long-term giving or when future control is vital. We can walk you through the possibilities and assist you in making the best decision. We can also assist you in making the most of your annual gifting allowances and navigating the often complicated tax requirements.
The More You Plan Ahead, The More Options You Have
There are numerous ways to reduce inheritance tax for your estate, such as gifts, family trust and charitable donations. The important thing is that the more you plan ahead, the more adaptability you have in choosing options that best produce your wishes.
Inheritance tax simplified can be very straight forward with solutions depending on one’s situation. However it can become complex depending on various factors and variables. At Carrington Blake Accountancy we’re specialised in helping you get the best course of action for tax on inheritance.
The Resident Nil Rate Band
The residence nil rate band is an exemption from paying Inheritance Tax on the family home. The allowance became effective in April 2017. The procedures can be confusing, and there are restrictions on how you can pass on your home, such as utilising certain types of trust. As a result, many people may need to revisit their Wills or seek financial guidance from a financial advisor.