Inheritance Tax

Bolton Tax Accountants can help you to make the most of the tax opportunities that may be available to you...

Bolton Tax Accountants can help you to make the most of the tax opportunities that may be available to you, thereby maximising the amount that is passed on to family members and beneficiaries.

Inheritance tax is paid on the total value of a deceased person’s estate. It may not be a comfortable topic to talk about, but it is important to consider if you have assets that you eventually want transferred to your next generation in a tax efficient manner.

How can Inheritance tax be reduced?

There are a number of steps to take and include;

  • Making full use of any annual allowances available,
  • Gifting assets to the next generation by making lifetime gifts knows as potentially exempt transfers,
  • Identifying certain significant reliefs available and planning to acquire such assets, for example – business property reliefs,
  • Gifting money to charity,
  • Putting assets into a trust (we cannot draft a trust deed however, we can point you in the right direction and work with a licenced solicitor to produce this),
  • Make gifts out of excess income,
  • Make sure you keep below the inheritance tax threshold,

We can also help you to transfer assets into trust and arrange appropriate life assurance in order to account for inheritance tax liabilities.

Inheritance tax is a very complex area and there are lots of things to consider.

Please get in touch for more information.