Tax planning

Inheritance tax is an emotive subject. After a lifetime of tax contributions, there are yet more obligations. You might worry about what will happen to your estate. And if you have children, how much will you be able to pass onto them. Or perhaps you’re concerned they'll find the inheritance a disincentive to find their own way. Maybe you'd like to donate to charity – this can be a good way to reduce your overall inheritance tax bill.

Protecting Your Family

Regardless of what your plans are for your estate, you'll want more of it to go where you want it to. At Smith & Williamson, we can help you achieve this.

Understanding your situation – tax management 

Whatever your age or stage of life, it maybe worth consulting a trusted adviser. There are a host of different tax-reliefs available. Inheritance tax planning can span a number of years, so it's never too early to make enquiries. After taking some time to understand your situation, our experienced experts can put together a plan for you. 

Making gifts more than seven years before you pass away can be a good way to reduce inheritance tax. But with life expectancy increasing you may be concerned about future care, medical and living expenses. You may like to talk with one of our financial planners about lifetime financial modelling to help you plan how much money you can afford to give away, and when.

Empowering you to make choices – advice tailored to you 

  • Inheritance tax rules and regulations have changed significantly over the years. It can be difficult to keep track of your options for mitigating them.
  • Trusts – could be more suitable for smaller legacies, taking into account legislative changes in 2006
  • Family investment companies – perhaps more appropriate for larger legacies, if you'd like to maintain some control 
  • Gifts out of regular income – can be exempt, with the correct planning and documentation
  • Taper relief, business property relief and agricultural relief might apply 
  • Chargeable lifetime transfer – like a trust but potentially exempt
  • Transferring assets between spouses – to make the most of allowances
  • Your main home – can be eligible for tax relief when passed between partners and children/grandchildren
  • Charity donations – free from inheritance tax, and by donating a percentage of your estate, you can reduce your overall rate

Our team of tax, investment, pensions and financial planning experts can work together to reduce your inheritance tax bill. Many of our clients come to us for one-off inheritance tax planning and stay with us for years, allowing our technical experts to arrange all aspects of their financial management.

Get in touch

If you want to discuss how we can help take care of your finances, and ensure you make the most of your money today, complete our contact form and a member of our team will be in touch.

Please remember investment involves risk. The value of investments and the income from them can fall as well as rise and investors may not receive back the original amount invested. Past performance is not a guide to future performance.

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