If you are UK domiciled you are subject to Inheritance Tax (IHT) on your worldwide assets upon your death. Even if you are not UK domiciled, for IHT purposes you will be deemed UK domiciled if you have been tax resident in the UK for some part of 17 out of the last 20 tax years. Leaving the UK, for example to retire abroad, does not mean that you suddenly become non-UK domiciled and are outside the UK IHT regime.
When carrying out estate planning, a key consideration is IHT and ensuring you have a suitable level of income and underlying capital to enjoy the standard of living that your desire, while looking after loved ones after your death, is a fine balance.
We deliver our IHT advice on conjunction with our colleagues in Financial Management to provide the advice that suits both your immediate and long term needs.
RSM Tenon’s IHT planning experts can help you:
- Make a plan of action to reduce your IHT exposure through a mixture of gifts, asset conversion and tax mitigation arrangements
- Write a will which helps to make your wishes are well defined, ease administration and clarify who should get what
- Assist in succession planning for your business, including consideration of involvement of other family members, income requirements and future involvement
- Where planning involves trusts; continued taxation, financial and practical advice
- Ensure your spouse or civil partner is adequately provided for
- Estimate your IHT bill and arrange insurance to cover part or all of it
- Maximising Business Property Relief and Agricultural Property Relief to minimise your IHT exposure
- Short-term solutions for individuals who have left IHT considerations until late in the day