Tax & HMRC Investigations
Inheritance Tax (IHT) Planning in Ilford
Inheritance tax is charged on the value of your estate above the tax-free threshold when you die. With careful planning it is often possible to reduce this cost, and our IHT planning team works closely with you to do exactly that.
How inheritance tax works
If your estate, including your share of property, investments, life insurance payouts and valuables, is worth more than the £325,000 nil-rate band, inheritance tax may be due on the excess. Allowances, reliefs and exemptions can change how much your family pays.
Our IHT planning service
- A review of your assets and likely IHT position
- Advice on when tax would be payable and whether you are exempt
- Use of allowances, reliefs and lifetime gifts
- Planning alongside trusts where appropriate
- Working with your solicitor on wills and estate matters
Plan early
The sooner you plan, the more options you usually have. We give sound, practical advice so you understand your position and can make informed decisions for your family.
To talk to our team about inheritance tax planning, call 020 8553 3504 or send us a message.
How we help
Why choose Butt & Co for inheritance tax planning
Estate review
A clear picture of your assets and IHT exposure.
Reliefs & allowances
Making full use of what’s available to you.
Family focused
Planning that protects the people you care about.
Joined-up advice
We work alongside your solicitor or adviser.
Call or get a quote now.
Our friendly team is here to help with your accounting and tax needs.
Related services
Other services you may need
Trusts
Trusts come with their own tax rules and reporting requirements.
Self Assessment
For many people the biggest problem is completing their self assessment tax return.
Tax Investigations
A tax investigation can be a very difficult and stressful time.
FAQs
Inheritance Tax Planning FAQs
What is the inheritance tax threshold?
The standard nil-rate band is £325,000. An extra residence nil-rate band may apply when your home passes to direct descendants. Unused allowances can often be transferred between spouses or civil partners.
What counts as part of my estate?
Property you own, savings, investments, life insurance payouts not written in trust, and valuables such as jewellery or vehicles, less any debts.
Can giving gifts reduce inheritance tax?
Some gifts are exempt straight away, and many larger gifts fall outside your estate if you survive seven years after making them. We can explain which rules apply to you.
When is inheritance tax paid?
IHT is usually due by the end of the sixth month after the person’s death, although tax on some assets such as property can be paid in instalments.
Do I need a trust?
Not always. Trusts can be useful in some situations, but they have their own tax rules. We will advise whether a trust suits your circumstances.
How do I book an IHT planning consultation?
Call the specialists on 020 8553 3504 or contact us through the website to arrange a free initial consultation.
