Safeguarding Your Legacy: Inheritance Tax Planning with GoddardFry Wealth Management

At GoddardFry, we understand the importance of securing your family’s financial future and the in justice of being taxed, yet again, on assets accumulated over your working lifetimes.

Although in reality a very small minority of estates pay any inheritance tax (IHT) it is something that many are increasingly concerned about as house prices rocket across the country.

Navigating the complexities of inheritance tax can be daunting, but our expert team is here to guide you through every step.

Navigating the Current Inheritance Tax Landscape

Nil-Rate Band: Currently, the threshold for inheritance tax in the UK stands at £325,000 per individual. Assets below this amount pass to beneficiaries tax-free.

Residence Nil-Rate Band: An additional £175,000 per person (subject to qualifying criteria) can be used to offset the inheritance tax liability on your main residence.

Spousal Exemption: Upon your death, any unused portion of your Nil-Rate Band can be transferred to your spouse, effectively doubling the threshold before tax becomes payable.

Inheritance Tax Rate: For estates exceeding the thresholds, a 40% inheritance tax rate applies.

The basic rules around who pays IHT and how much you pay are fairly straightforward but when you add up all the layers the complexity can seem baffling.

Strategies for Minimising Inheritance Tax:

  • Trusts for Effective Inheritance Planning: Setting up trusts offers powerful tools for controlling asset distribution and mitigating inheritance tax implications. We can tailor trust solutions to align with your specific goals and family circumstances.*
  • Utilising Tax-Efficient Investments: We can help you diversify your portfolio with investments eligible for Business Property Relief (BPR). Assets like qualifying shares in unlisted trading companies can significantly reduce your estate’s taxable value.
  • Strategic Gifting: Taking advantage of annual gift allowances (£3,000 per year individually, £6,000 jointly with your spouse) can gradually transfer wealth out of your estate over time, minimising the future tax burden.

Why Choose GoddardFry for Your Inheritance Tax Planning:

  • Experienced and qualified advisers: Our team boasts financial planning experts with in-depth knowledge of inheritance tax regulations and wealth management strategies.
  • Holistic approach: We take a comprehensive view of your financial situation, ensuring your inheritance tax plan integrates seamlessly with your overall financial goals.
  • Personalised solutions: We believe in customised strategies. We listen carefully to your wishes and create a plan unique to your needs and aspirations.

Protecting your loved ones’ future doesn’t have to be complicated.
Contact GoddardFry Wealth Management today for a confidential consultation and let us guide you towards a tax-efficient and secure legacy.

Note: Our Articles section includes Estate Planning and other areas that may be of interest.

Call us at 01256 701210 or email us at support@goddardfry.co.uk to schedule your complimentary consultation.

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