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Inheritance Tax Planning

Advance provision can be made for any tax exposure likely to arise on death. In this way the estate will be protected from inheritance tax on death, and the dependants will not be forced to sell part of their inheritance or borrow substantial funds. The tax is levied on the total value of benefits received on death.

Account is also taken of any previous gifts or inheritances received by that beneficiary from any source since the 5 December 1991. A certain amount, called the threshold, is free of tax, with the balance of the inheritance subject to inheritance tax. The threshold varies according to the relationship between the beneficiary and the deceased, from whom they take the inheritance.