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We are able to offer advice and guidance on how you can reduce the amount of tax payable.  In some cases, with careful planning, it is possible to reduce the tax payable down to zero.

Tax planning doesn’t have to be complex and there may be some very simply steps that you can take now, or that you can include in your Will to make sure as much of your estate passes to your chosen beneficiaries as possible.

We will work with you to carry out a comprehensive review of your finances.  Our goal is to ensure that your estate pays as little tax as possible.

We will check to see whether your estate would be eligible for additional allowances such as the Residential Nil Rate Band, Agricultural Property Relief and Business Relief.  Using these reliefs in the correct way can ensure that both you and your spouse can pass on assets without tax having to be paid.

Making gifts during your lifetime can be a good way to reduce a possible IHT bill.  There are a number of allowances available for making gifts on an annual basis.  You can also make gifts to your children and grandchildren if they get married, which are tax free.

While the amount you can currently gift on an annual basis is not huge, at only £3,000 per year, it is worth bearing in mind if your estate is taxable after your death that £3,000 could be reduced to £1,800 when HMRC have taken their 40%.

Where appropriate we will introduce you to some great financial advisors who’ll be able to give you further advice on investing in the most tax advantageous way.

Tax Planning can be seen as the preserve of the richest in society.  However, given that the Nil Rate Band of £325,000 hasn’t risen since 2009 and won’t be changing again until at least 2026, more and more estates could become taxable if property values continue to rise.

For example, the average house price in the UK in 2009 was around £160,000, the average price in January 2022 was around £275,000.  In 2009 a single person owning an average property would have had to have savings of £165,000 before their estate had to pay Inheritance Tax.  Today the amount of savings would be reduced to £50,000 before tax became due.

In East Anglia, the average property price hit nearly £340,000 in December 2021, which means that the property owner’s estate could face a tax bill of £6,000 immediately without their having any other assets at all.

For this reason we would suggest that Tax Planning is no longer the preserve of the super-rich, but is something we all need to think about.

If you'd like to talk to us about Inheritance Tax or your estate email Cath Collins at This email address is being protected from spambots. You need JavaScript enabled to view it. or call on 01945 898090.