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Wealth management

Inheritance tax planning

Inheritance tax (IHT) is tax which might be due at the time of your death, but may also be due on some transactions during your lifetime.

There are lots of ways you can plan to minimise your IHT bill.  Some of these are:

  • Making gifts from your estate during your lifetime
  • Investing in IHT efficient investments
  • Using trusts to hold assets
  • Transferring assets to your spouse or civil partner
  • Preparing a Will

When IHT becomes due on death, the rate of tax is 40%. This is a significant charge, and we work with clients to reduce this, where possible.

There are some situations where IHT cannot be avoided, and we can also put in place life cover to help your beneficiaries pay the tax.

Clear advice

To provide you with the best possible advice on your IHT position, we will find out about your assets, and what you would like to do with them.  Our starting point is always to make sure that you are financially secure, before you take any steps to reduce IHT.

With a clear view of your potential IHT liability, we will then put in place a strategy to minimise the tax.  This might be done over a short period, or through a longer-term plan. We will support you throughout the process.

Benefits we bring

We think that IHT planning achieves the best outcomes when it involves expertise from lawyers, financial advisors and tax specialists.  Our team, which is based in Edinburgh and Glasgow, can provide all of the advice which you will need without having to look elsewhere.

Our approach to fees

We want to provide our clients with fixed fees.  That can be quite difficult to do unless we properly understand your individual circumstances, and what we need to do for you.  We don't want to compromise the work we do for you or the service we deliver, by offering a headline grabbing fee quote, which we don't then deliver on.

Our approach to feeing is therefore to meet with you, and to establish your objectives.  The cost of this meeting, which will include a review of your assets, succession planning and your tax situation, will be £250 + VAT.  The cost of this meeting will be deducted from any fee for work which follows.

At this meeting, we will provide you with an estimated fee for carrying out the work, and we will not go ahead with that work unless you have approved that fee quote.