Inheritance Tax to Protect Your Wealth for Future Generations
Inheritance Tax planning is an essential consideration for individuals and families wanting to protect their wealth for future generations. With a thorough understanding of rules, reliefs, and exemptions, we help clients reduce their potential tax liability and ensure their estate is distributed according to their wishes. With over 125 years of experience in tax services, our firm is committed to providing trusted, comprehensive Inheritance Tax planning and support.
What is Inheritance Tax?
Inheritance Tax (IHT) is a tax on the estate (including property, money, and possessions) of someone who has passed away. The standard rate is 40%, charged on the value of the estate above the tax-free threshold, which is currently £325,000.
Certain exemptions and reliefs can reduce the IHT burden:
- Nil-rate band: The first £325,000 of an estate is tax-free.
- Residence nil-rate band: An additional allowance when passing on a main residence to direct descendants.
- Spouse or civil partner transfers: Assets transferred to a spouse or civil partner are generally exempt from IHT.
- Charitable donations: Gifts to registered charities may be exempt, and estates leaving 10% or more to charity may qualify for a reduced rate of 36%.
With expert planning, it’s possible to maximise these allowances and reduce the Inheritance Tax liability for your estate.
Our Inheritance Tax services include:
Who Needs to Consider Inheritance Tax?
While not everyone’s estate is subject to IHT, it’s important for those with substantial assets, such as property, investments, or business interests, to consider IHT planning. Even if your estate currently falls below the IHT threshold, rising property values or asset growth can push it over the limit in future years.
People who may benefit from IHT planning include:
- Homeowners, especially those with valuable properties
- Business owners wanting to pass on business assets efficiently
- Individuals with large investment portfolios or savings
- Anyone aiming to provide for children, grandchildren, or other beneficiaries
Early IHT planning can protect your estate, ensuring your assets go to your loved ones rather than being diminished by tax.
Our Offices
Wherever you are in Wales, chances are we’re closer than you think. With five offices across South and West Wales, your accountant lives and works in the same communities you do, from Swansea to Pembrokeshire. And if you’d rather deal with us online, our service works just as smoothly from anywhere in the UK.
Swansea (Head Office)
Our largest office and the heart of the firm.
Ground Floor, Cardigan House, Castle Court, Swansea Enterprise Park, Llansamlet, Swansea, SA7 9LA
Phone: 01792 410100 ·
Email: mail@bevanbuckland.co.uk
Haverfordwest
Serving Pembrokeshire’s businesses, farms, and families.
45 High Street, Haverfordwest, Pembrokeshire, SA61 2BP
Phone: 01437 760666
Email: mail@bevanbuckland.co.uk
Pembroke
Local support across south Pembrokeshire.
6 Westgate Hill, Pembroke, SA71 4LB
Phone: 01646 682383
Email: mail@bevanbuckland.co.uk
Cowbridge
Supporting individuals and businesses across the Vale of Glamorgan.
Suite 4, Britannia House, Penny Lane, Cowbridge, CF71 7EG
Phone: 01446 502520
Email: mail@bevanbuckland.co.uk
Carmarthen
Rooted in the Carmarthenshire community.
Yr Egin, College Road, Carmarthen, SA31 3EQ
Phone: 01267 233115
Email: mail@bevanbuckland.co.uk
