You may wish to make a lifetime gift to your loved ones for saving them from Inheritance Tax
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Some choices in life are so important...like Inheritance Tax Planning!
Why Choose us for your Inheritance Tax Planning Needs?
Choose us for your inheritance tax planning needs because we have the expertise and experience to help you navigate complex tax laws and minimise your tax liability, while also providing personalised and attentive service to ensure your unique needs are met.
Experienced and Certified Team
Certified professionals expertly handling inheritance tax with top-level service.
Possible Tax-efficient Strategies
Our knowledgeable team minimises your inheritance tax through strategic investment planning.
Personalised & Tailored Solutions
We offer personalised and tailored solutions for inheritance tax planning.
We also Liaise With Solicitors
We collaborate with solicitors to meet clients' legal support requirements.
Expert Guidance and Resources
We provide expert guidance on inheritance tax, including trusts, estate planning, and probate.
Continuously Monitor Your Plan
We'll monitor and adjust your plan to stay effective amidst financial or tax law changes.
Our goal is to provide you with a plan that saves you the maximum amount of inheritance tax.
How We Work
Our experienced advisors will work with you to understand your goals, assess your tax liability, and develop a personalised plan that meets your needs. We'll guide you through every step of the process, ensuring that you have a clear understanding of your options and the potential outcomes.
Understand your goals and collect necessary information
During our initial consultation, we'll discuss your current financial situation, assets, and liabilities to understand your long-term goals.
We'll also take the time to understand your long-term goals and plans for your estate, so that we can provide advice that is tailored to your specific needs.
Review your situation and list down all possible options available
We'll review your current situation and develop a list of all possible options available to minimise the impact of inheritance tax on your estate.
We'll consider all possible tax-saving strategies, including trusts, gifting, and other estate planning tools.
Develop a personalised plan which saves the maximum IHT
Using the information we've collected and the options available, we'll develop a personalised plan that saves you the maximum amount of inheritance tax.
We'll explain how each strategy works and why we recommend it, so you can make an informed decision.
Issue written advice report/ conduct verbal consultation as per the need of the client
We'll provide you with a written advice report that outlines our recommendations and explains how they'll benefit you.
If necessary, we'll also conduct a verbal consultation to answer any questions or concerns you may have.
Here is our awesome team
At UKPA, it is done by a team of people evolved from different walks of life. Trained and experienced in property and real estate tax, accounting and compliance matters, most of them are qualified as Chartered Accountants, Chartered Tax Advisers or Chartered Financial Analyst.
Shachham Subedi
Shachham Subedi is a qualified Chartered Accountant with over six years of persistent post-qualification experience in Accounting, Auditing, Finance & Taxation.
Prasun Shrestha
Prasun is a Chartered Accountancy student with strong analytical and problem-solving skills, experienced in dealing with UK clients.
Alisha Shrestha
Alisha has recently completed her ACCA degree. Besides, she is pursuing academic bachelor’s degree in Business Studies and is on her final year.
FAQ
The inheritance tax threshold, also known as the nil-rate band, in the UK is currently set at £325,000 for the tax year 2023/24. This means that the first £325,000 of an individual's estate is tax-free.
Individuals who are domiciled in the UK are liable to inheritance tax on transfers of all assets anywhere in the world. On the other hand, individuals, who are not domiciled in the UK, are liable to inheritance tax on transfers of their UK assets only.
If you are unable to figure out your domicile status, contact us at UK Property Accountants.
IHT100 form must be submitted for chargeable lifetime transfers (CLT).
If you make a Potentially Exempt Transfers (PET), you do not need to report it to HMRC at the time you make the gift. However, if you die within seven years of making the gift, it will need to be reported on your inheritance tax return, which is usually completed by the executor of your estate.
We can help you fill the inheritance tax form to report and pay your taxes.
There are certain transfers/gifts which are exempt from inheritance tax.
- Spousal exemption: Assets passing between spouses or civil partners are exempt from IHT.
- Annual gift exemption: You can give up to £3,000 per tax year as gifts without it being subject to IHT.
- Small gift exemption: You can make small gifts of up to £250 to as many people as you like without it being subject to IHT.
- Gifts for weddings and civil partnerships: You can give cash or gifts worth up to £1,000 per person, rising to £2,500 for a grandchild or great-grandchild, and £5,000 for a child, without it being subject to IHT.
- Charitable donations: Gifts to registered charities or political parties are exempt from IHT.
- Business or agricultural property: Business assets and agricultural property can qualify for IHT relief if certain conditions are met.
It's important to note that the exemptions and allowances for IHT can change over time and may be subject to certain conditions and our experts are well-updated on the changes.
You must pay Inheritance Tax by the end of the sixth month after the person passes away.
In case of chargeable lifetime transfers, lifetime inheritance tax is paid later of :
- Six months from the end of the month of the gift, and
- 30 April in the following tax year.
A potentially exempt transfer will not give rise to inheritance tax during lifetime of the donor. These transfers will be fully exempt if donor survives for 7 years from the date of the gift. If donor dies within 7 years of the gift, inheritance is payable.
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UK Property Accountants is a leading firm of chartered certified accountants and chartered tax advisers specialising in the property and real estate sector with an office in London.
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