Inheritance tax planning is usually focused on reducing the amount of inheritance tax payable on your death, and there are various ways in which you can legitimately reduce your inheritance tax bill without risk. Often it is simply a question of ensuring that you make full use of all the reliefs and exemptions that are available, but with tax rules becoming ever more complex it is easy to get it wrong.
Also, inheritance tax planning should never be considered in isolation. It is essential, first and foremost, to be sure that the tax planning fits with, and does not dictate, your overall aims, and it is important to consider all the consequences of any proposed planning. Inheritance tax, capital gains tax and income tax all interact with each other, and unintended consequences can follow if proper care is not taken.
At Gordons we have specialist tax advisers and are able to advise on and implement a wide range of tax planning arrangements. If you would like a member of the team to review your circumstances, or simply learn more about the services we offer, please get in touch. We are happy to give initial advice over the telephone (0113 227 0298) or by email, free of charge.
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