Why pay more to the Chancellor of the Exchequer than you should?
How can we help?
Our Private Client Department can advise you on issues such as:
- Will planning and the use of trusts
- Inheritance Tax
- Capital Gains Tax
- Tax planning for succession to business assets
- Tax planning for farmers
- Help with your tax return
- Help with a Trustee tax return
What about Inheritance Tax and the new TRB?
With proper planning and use of both the nil rate band and transferable nil rate band you can save many hundreds of thousands of pounds in inheritance tax. The preparation and help we can provide is vital to a successful claim.
It pays to use an expert!
We recently saved the children of a client almost £125,000 in Inheritance Tax after delving into their family history. When the woman, known as Mrs A, died in 2008, her two children faced a tax bill of 40% of her whole estate above the value of £312,000. The son, who now lives in the United States and his London-based sister couldn’t make use of the new Transferable Nil Rate band from their father who had died 12 months before his wife of 60 years. Their father had taken the correct tax advice at the time, leaving a Will with a Nil Band Rate Discretionary Trust. As a result, there was no unused Nil Rate Band from his estate that could be transferred to Mrs A’s estate. Fortunately we knew that Mrs A had been married before. She was only married for three months as her first husband was shot down whilst serving in the RAF in World War II. When a person is killed on active service their estate is exempt from Inheritance Tax. We thus succeeded in reducing Mrs A’s estate’s liability to Inheritance Tax by transferring her first husband’s nil rate band – even though he died in 1942.
We believe this is one of the earliest ‘first deaths’ yet claimed for Inheritance Tax purposes. The claim was successful, enabling Mrs A’s Nil Rate Band to be doubled from £312,000 to £624,000. This saved £124,800 in Inheritance Tax, in addition to the similar saving achieved by her second husband’s will. In effect Mrs A’s children were able to benefit from three Nil Rate Bands!
What about the cost?
Please just ask us - an enquiry costs nothing! We understand professional costs are a major concern for clients. We are flexible and transparent. The savings can be substantial!