Inheritance Tax Planning

Inheritance Tax (IHT) is, essentially, a tax levied on any transfer of assets to other people or trusts and is most commonly paid in respect of an individual’s estate on death. IHT is often perceived as a voluntary/optional tax. This is because with careful planning, it is possible to reduce or remove any liability altogether.

In any IHT strategy, it is vital that the individual members of the family are considered very carefully as their wishes are of paramount importance. At HLB we feel it is important that we ensure security for the individual and/ or spouse in their lifetime and to enable them to enjoy life to the full without financial risk. Our goal is to ensure that the family pays as little IHT as possible, taking into account the security of those individuals during their lifetime. In any Inheritance Tax Planning, it is important to appreciate the exempt lifetime transfers, which should be a basic foundation for any Inheritance Tax Planning Scheme.