There has traditionally been four different attitudes to inheritance tax planning:

• “The kids get what they get (and should be grateful to receive anything).” 
   
• “I will lead a comfortable life, but take some steps to prepare for my passing.”
   
• “The taxman will not get anything out of me, even if it means I risk a bit of poverty over my final years.” 
   
• “I’m going to bury my head in the sand, and pretend that I’ll never actually die!”

However, we have recently seen a change in attitude to inheritance tax planning, following the 2024 Budget.  Many people are reconsidering their attitude to IHT, particularly because one of the fundamentals of the family business (or farm) has changed:  it is no longer good advice to “die with the shares” for a business owner.  In addition, the potential double tax charge on pensions, due to apply from 6 April 2027, is seen as unfair.

It may not be the most comfortable subject, but inheritance tax planning can protect your estate and ensure your family — not the taxman — benefits from your life’s work. 

Contact us if you would like to know about:

• How inheritance tax works in the UK, and the tax treatment of different asset ownership structures (personal, company, pension, trusts, etc.).
• How to estimate your own inheritance tax liability.  
• Some simple planning options for reducing exposure (Wills, gifting, transfers, trusts, deeds of variation, emigration, etc.).
  Advanced strategies to reduce or freeze inheritance tax on major assets like property portfolios, investments, and business interests.