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Expert advice can save money on estate

Expert advice can save money on estate


Case study
We recently dealt with the administration of an estate with a value of over £2.5 million and the tax advice we gave, saved money on the estate. There was no tax free sum to be brought forward from the earlier death of the spouse so the inheritance tax (IHT) was considerable.
 
We looked at ways of reducing the IHT. These included applying for tax relief for the business property, making an application for the value of the shares when they were sold to be substituted for the date of death value, which was higher. 
 
The beneficiaries were also keen to make charitable donations, so we drafted a deed of variation which meant that those gifts were treated as though the person who died had made them. This meant that IHT due on the non-charitable gifts was reduced from 40% to 36%.
For more information about how you can maximise the tax efficiency of your estate, call the Tax and Estate Planning Team now on 0117 926 4121 or make a Free Online Enquiry.