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Estate Planning back

Avoid all Inheritance tax by making gifts now if you have a substantial estate, currently 250,000. Provided you live for seven years after the last gift and your remaining assets are below 250,000 then no inheritance tax will be due.

Give away up to 3,000 in any tax year. If you did not utilise this allowance the previous year it can be carried forward to give 6,000 this year with no inheritance tax consequences.

Transfer assets to your spouse and pay no capital gains tax or income tax.

Gifts on marriage- Up to 5,000 by a parent 2,500 by a grandparent and 1,000 by anyone else.

Charitable gifts - either during your lifetime or when you die charitable gifts are free of inheritance tax.

Make sure you make a Will and take sound advice with regard to the tax implications.

Consider the use of trusts to hold your assets. This can be complicated so call to discuss.

For further information please contact us.



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Anthony M. Hughes & Co Chartered Accountants
Central Chambers, 83A High Street, Cradley Heath, West Midlands, B64 5HA
Tel 01384 634475   Fax 01384 637055