Your Challenges

Inheritance Tax

» Your Challenges » Inheritance Tax (IHT)

IHT Allowance

The inheritance tax (IHT) allowance is currently £325,000 for individuals or £650,000 for married couples and civil partners. The value of estates over and above the allowance is taxed at 40 per cent.

Today, it is important to have a Will written so that your loved ones inherit what you want them to and others who you don’t want to inherit the funds, including the government, don’t.

Although this is most commonly charged on death, at 40%, IHT can also apply to lifetime gifts. By sensible IHT planning, the amount payable can be greatly reduced. Often this is by careful use of the various exemptions and reliefs available. Those reliefs are less straightforward than they might at first sight seem to be. Although there are IHT planning steps which can be taken even at a very late stage in life, the traps for the unprepared mean that early planning is beneficial.

Estate & IHT Planning

While estate planning may not currently rank at the top of your priority list, early planning is essential if you want to ensure that your estate will pass to your chosen beneficiaries on your death, while also minimising the inheritance tax burden.

We have significant expertise in this area and offer a comprehensive estate planning service which includes:

  • Help with drawing up and reviewing your Will
  • Making full use of exemptions and lower tax rates on lifetime transfers
  • Optimising lifetime transfers between spouses
  • Transferring agricultural or business property
  • Transferring assets into trust
  • Lasting Powers of Attorney, in the event that you lose your mental capacity
  • Arranging adequate life assurance to cover potential inheritance tax liabilities
  • Organisation and secure storage of important documents and digital assets
  • Introduction to providers of pre-paid funeral plans

For more information on all personal tax issues please contact us.

or call us on 020 8863 4566

Inheritance Tax

London & Counties, a nationwide supplier of office products, changed to Charterhouse Accountants 3 years ago and immediately noticed the difference in the service levels and attention to detail we received from them. They take an active year round interest in our business with timely reminders where required and their knowledge of HMRC rules and the allowances that can be taken advantage of are amazing. We would have no hesitation in recommending them to start ups or larger corporations alike whether based in the UK or abroad. Paul Milbourn Managing Director - London & Counties Office Supplies Ltd. I have been a client with Charterhouse for 15 years. In this time I have always received excellent service. The team at Charterhouse are always suggesting new ideas which suit my business and as a result of this I have benefitted from their innovative tax planning. If ever I have a query or concern it is dealt with quickly and efficiently either by the Partner in charge of my affairs or one of the excellent team of staff.
I have no reservations in recommending Charterhouse to anyone who asked.
Sammi Bazini Direct Supplies Limited
I’ve been using the company for nearly forty years and whether its straightforward accountancy work or complex tax planning advice I can only praise and highly recommend. There are certain business ventures that I have undertaken that would not have been successful without Charterhouse’s valued advice and input. Steve Soper Sopersport Limited I have been a client since November 2009 (I think). I am so glad that I switched to Charterhouse as I find the service to be exceptional. Micky Ackenson the partner in charge of my affairs is very responsive alongside the team that help with payroll, VAT and any other general enquiries. The main thing that I find is that nothing is ever a problem. If you don’t know the answer to something then it is researched and a qualified answer provided in a very short time frame. I feel that I am also always kept up to date about the best ways to manage my business which is one of the main reasons that I made the switch. I would have no hesitation to recommend Charterhouse and have actually done so already. Natalie Heilling Research Partners Charterhouse are my Accountants, supporting my IT and Networking Company for the past 4 years. They produce and submit my quarterly VAT returns and my annual accounts by accessing my Accounting software directly. They are very professional, trustworthy and reliable with prompt replies to any questions I ask. They also provide my payroll needs on an annual basis and file all returns. If you need peace of mind and reliable control, look no further! Kevin Williams KJW Limited
What our clients say