Inheritance Tax Planning

Expert guidance for your inheritance tax planning.

Contact Us

Inheritance Tax Planning

In the absence of efficient Inheritance Tax (IHT) planning, families and other beneficiaries may encounter a 40% tax liability when inheriting assets exceeding the £325,000 threshold. With expert IHT planning, you can enhance the amount they receive. Initiating the planning process sooner increases the potential for saving on inheritance tax.

Inheritance Tax

How inheritance tax works

Inheritance tax is levied on all assets exceeding the £325,000 IHT threshold when a UK citizen bequeaths assets to someone other than their spouse or civil partner. Foreign nationals with ownership of UK property or other UK assets valued at over £325,000 are also liable to IHT. This tax exemption does not apply when leaving money to a charity or amateur sports club.


How we can help

After dedicating a lifetime to securing your family's future, it's essential to ensure that your loved ones derive maximum benefit from your assets, wealth, and property upon your passing.

Leveraging Leewop's proficient IHT planning services, we can assist in optimizing the inheritance your beneficiaries receive. This involves identifying tax efficiencies, reliefs, and exemptions to safeguard your legacy.

Our experienced IHT planners can help to maximise your beneficiaries’ inheritance through a range of possible tax planning solutions, such as:

  • Transferring tax-free allowances to spouses and civil partners
  • Lifetime gifts and Potentially Exempt Transfers (PETs)
  • Charity donations
  • Trusts
  • Leaving your home to children or grandchildren (increasing the threshold to £500,000)
  • Decreasing the chargeable estate in the light of debts and liabilities

There are many other factors that we can explore to find possible tax relief, such as regular payments out of your income, small gifts, wedding gifts and some other types of gifts that can reduce the value of your estate and therefore also reduce the tax liability.

If your main priority is to make sure that your family is left with as much inheritance as possible, setting up lifetime gifts or trusts can be the most suitable option.

Leewop can help you to find the most tax-efficient way to leave your estate to your beneficiaries, using our many years of IHT planning expertise to maximise the inheritance you pass on.


Our IHT services

Initiating inheritance tax planning at the earliest opportunity is crucial, as many tax relief options depend on the duration of your life post making a gift. For instance, the exemption from IHT for transferring assets to a child or grandchild is contingent on your survival for at least seven years after the gift.

Leewop conducts a comprehensive review of your estate to assess potential exposure to IHT. As part of this process, we can furnish a personal balance sheet, providing a detailed inventory of your finances and assets.

Following the review, we pinpoint the most tax-efficient solutions to diminish your IHT liability. Our recommendations, along with detailed explanations, empower you to make informed decisions about the options that best suit you and your family/beneficiaries.


Lighten the burden for your loved ones

As well as reviewing ways to reduce IHT to financially benefit your family, our IHT planning services will make it more straightforward for the executor of your will to work through tax obligations, reducing the stress of making arrangements following a death.

IHT must be paid within six months of a person dying and, if this deadline is not met, HMRC begins to charge interest on the outstanding tax. Where payment of IHT could cause financial issues, we can help explore the option for the liability to be paid in instalments spread out over up to ten years.

Contact our team today for expert advice on reducing your IHT tax liabilities and securing a brighter financial future for your loved ones.


Why choose Leewop?

We assign you a dedicated account manager who ensures your IHT obligations are fulfilled with minimal effort and hassle on your part. Leveraging our expertise in IHT planning, we save our clients money by mitigating the tax burden through reliefs and exemptions they may not be aware of.

Our personalized service seamlessly integrates with other accountancy services, providing you with a friendly, award-winning team of chartered tax advisors who comprehend your business and work towards achieving better financial outcomes for you.

At Leewop, our chartered accountants and chartered tax advisers offer comprehensive advice, alleviating the stress and concerns related to your tax affairs.

  • A centralized contact for all your inquiries
  • A specialized tax department boasting extensive experience and expertise
  • Tax consultants who are Chartered Tax Advisers, guaranteeing reliable and current advice
  • A service that is tailor-made for you
  • Quick response time
  • Hands-on partners
  • UK -based accountants with national and international reach

What’s next?

Arrange a consultation to find out how we can help you. Call us today on +92 302 4012116 or email contact@leewopconsultancy.com.

Talk to Our Team

Switching to Leewop is quick and easy, even if you already have an accountant.

As a prominent accountancy practice in the UK, Leewop serves clients nationwide, meaning we can assist you no matter where you are located. You will be paired with an accountant dedicated to helping you grow your business and enhance its efficiency. Contact us to discover how we can assist you today.

Find Out More