Perrys Chartered Accountants offer a comprehensive service for Inheritance Tax Planning in London and Kent. We offer our knowledge and experience to deliver solutions tailored to your specific assets, to protect your wealth, limit tax liabilities and maximise the benefits of your estate for your family and other beneficiaries.

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Inheritance Tax Specialists

We all know that Inheritance Tax can be a minefield, however, with expert guidance from the Perrys team you can rest assured that your affairs are in safe hands.

We offer our knowledge and experience to deliver pragmatic and effective solutions that are tailored to your specific assets, are water-tight and will protect your wealth to limit tax liabilities and maximise the benefits of your estate for your family and other beneficiaries.

Wills and Probate

It is essential to have an up to date and accurate Will, in order to ensure that your property, possessions, money and other assets are passed on to the beneficiaries according to your wishes. If you should die without a valid and lawful Will then it is possible that your assets will be distributed according to the law.

Our professional and experienced team is here to guide you through the complex and sensitive issues involved in making a Will, ensuring your assets are preserved and passed to the relevant people whilst minimising Inheritance Tax liabilities.  We can also store your Will safely and securely, giving you peace of mind that it is in safe hands.

Wills and Probate services 

Trusts 

When drafted correctly Trusts can provide a very tax efficient and secure way to manage assets, ensuring that they are passed to named beneficiaries, with no risk they will pass to unintended beneficiaries – this is especially important when it comes to protecting wealth from divorce claims.

Trusts are regularly included in a Will where the testator wishes to specify what should happen to his or her estate following the death of his or her spouse or partner – for example, where the testator has children from a previous marriage.

Our Trust specialists can advise on the most suitable option for your purposes, providing peace of mind that your assets will be protected and distributed according to your wishes.

Our clients appreciate our exceptional service and benefit from our invaluable and objective advice which is combined with a transparent pre-agreed pricing structure.

Inheritance Tax Advice

Death isn’t an easy subject to talk or think about so it can often be difficult to face up to the surrounding issues such as Inheritance Tax. Furthermore, Inheritance Tax can be a highly complex area meaning planning may seem like a daunting task. As a result, it is often ignored resulting in overpaid liabilities, when in a lot of cases a few small steps could save thousands. 
 
At Perrys Chartered Accountants, our in-depth knowledge and expertise ensure that all bases are covered, and that the process is as straightforward as possible. We keep you abreast of the latest changes to Inheritance Tax rules and legislation, and work to minimise your potential liability as far as possible. 
 

How Inheritance Tax Works

Inheritance Tax laws were initially introduced to prevent the perpetuation of inherited wealth, so that money is redistributed via the state for the benefit of all, with the idea of creating a more economically ‘equal’ society. 

Whilst the tax was designed to affect only the very wealthy, the rise in the value of property prices (particularly in London and the South East) has meant that more families are now affected by Inheritance Tax. New measures are gradually being introduced to curb this, with various methods of Inheritance Tax planning now available to minimise any potential liability.

The current ‘nil rate band’ (tax free threshold) is £325,000 per person, therefore potentially a married couple could have £650,000 of assets before being subject to Inheritance Tax at 40%. 

In addition, a new ‘residence nil rate band’ was phased in from 2017 onwards. The primary purpose behind the additional allowance is to allow individuals to pass on the family home to the next generation free of Inheritance Tax. 

For deaths occurring in the 2020/21 tax year, subject to meeting the relevant conditions, each taxpayer could have a further £175,000 allowance, resulting in a tax free threshold of £500,000 per person or £1 million per married couple. 

The balance is then subject to Inheritance Tax, currently at a rate of 40%. 

There are a range of different factors which may have an impact on this liability, including exemptions, reliefs such as business/agricultural property relief and gifts made in the seven years prior to death.  

Inheritance Tax Specialists in London and Kent

Perrys Chartered Accountants are highly experienced in Inheritance Tax planning. We will assess your position in detail to minimise any potential Inheritance Tax liability and maximise the value of your estate which can be left to beneficiaries. We also offer Wills and Probate services to complement your Inheritance Tax Planning needs.

Find out more about our Wills and Probate services

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