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Protect your assets and family wealth with expert inheritance tax planning from our team.
Based in Manchester, our specialists work with estates of all sizes and complexities. We’ll help you find the most tax-efficient way to pass on your assets, properties, businesses, and more.
To get started, you can book a free initial consultation. After discussing your estate and beneficiaries, we’ll help you understand your inheritance tax liability and the best route forward.
Simply put, inheritance tax is charged on your estate after you pass away. Your estate, for reference, is made up of the combined value of savings, investments, properties, high-value personal items, and more.
There’s a tax-free threshold of £325,000, which means anything up to that value is not subject to tax, whilst everything above the threshold is subject to a tax rate of 40%.
However, this is where it starts to get confusing for many people. The rules around inheritance tax (IHT) in the UK are complicated.
Regardless of the threshold, the rate you pay and whether you pay at all can change based on a variety of factors – from charitable donations and gifts to reliefs and exemptions.
Getting it wrong could cost your estate thousands. That, in turn, will impact what your loved ones receive after you pass.
Our inheritance tax advisors can help. We provide services including:
Our role is to ensure you pass on your wealth as effectively and efficiently as possible. For you, this means spending less time worrying about inheritance tax implications, and more time making memories with those closest to you.
You can count on us to find the best possible solution for your estate, leaning on 30 years of experience working with individuals and families.
As an independent, family-owned firm, we build client relationships often lasting many years by offering a personal service that larger firms simply can’t match.
We're proud of our work and the kind feedback we receive from our clients. Check out our reviews and testimonials to see what makes us so well-placed to help you.
You can benefit straight away from our free advice. Just book a consultation with our team to get no-obligation advice on the value of your estate and potential IHT savings.
Inheritance tax is levied on your estate (property, money, and possessions) after you pass away. It’s complicated, but, usually, it only applies if the total value of the estate exceeds the UK’s IHT threshold, which is £325,000.
After you pass away, the person responsible for dealing with your estate (usually the executor of the will) performs a valuation and reports it to HMRC. They’ll arrange to clear all remaining debts and then pay inheritance tax, if owed, using available cash or by selling assets. After that, the estate is distributed as normal to your named beneficiaries.
No, once your bill is settled by the estate’s administrator, your beneficiaries do not pay inheritance tax on the assets they receive. They may, however, incur other forms of tax on the assets. For example, if they inherit a property and decide to sell it, they may be charged capital gains tax if it has risen in value since your death.
Fortunately, there are several methods of legally reducing your inheritance tax bill. For example, you can give gifts to loved ones in the years before you pass, donate money to charity in exchange for a lower tax rate (36% instead of 40%), set up a trust, or leave everything to your spouse. There are other methods too, with reliefs for businesses and more. We can help you understand the best approach for your situation and get everything set up.
Each year, you can give up to £3,000 worth of gifts to loved ones tax-free. It can be to the same person or multiple people. This can be an effective way of passing on wealth without incurring inheritance tax. If you gift a larger amount, above your £3,000 annual allowance, then it’s only included as part of your estate for inheritance tax if you die within seven years of the gift.
Gifts to spouses are always exempt from IHT, so you don’t need to worry if you plan to give your partner a high-value asset. The same rule applies to charities and political parties.
Yes, any unused portion of the nil-rate band or residence nil-rate band can be transferred to your spouse or civil partner upon your death, potentially doubling their tax-free allowance to £1 million for the combined estate, assuming full eligibility.
Most people can benefit from the expertise of an advisor, particularly if you know the total value of your estate exceeds the current inheritance tax threshold. Not only can we structure your estate in a tax-efficient manner, but we can make sure you use all eligible exemptions and reliefs.
Inheritance tax may still apply if you are a UK-domiciled individual, regardless of where you live. If you are non-UK domiciled, only UK-based assets may be subject to IHT. Tax planning across borders and different jurisdictions can be very complicated, so we advise getting in touch to discuss the details of your case.
We offer a free consultation for all new clients – either over the phone or in person. To get started, fill in the contact form or call us on 0161 962 1855 to speak to our inheritance tax specialists.
“Great local firm of accountants. Have taken all the stress out of both my personal and business accounting. The high level of customer service and approachability at A&C have kept me as a client for 3 years plus now, together with them being local, as sometimes it’s best to discuss things face to face.”
David P.
