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Tax planning advice

Looking to reduce or minimise your inheritance tax liability? There are many methods and IHT planning opportunities and our financial and tax advisers can advise you on the best solution for you.


Click on the links below to go to Martin Aitken & Co's tax pages on to find out how we can help you to arrange your taxes, investments and wider financial affairs to reduce your own and your family's current and future tax liabilities.


Inheritance Tax Planning: in short

Inheritance Tax has been described as a voluntary levy – as Lord Jenkins once said, “it is paid by those who distrust their heirs more than they dislike the Inland Revenue”. Yet HMRC collects more than £4 billion each year in Inheritance Tax.

Does your taxable estate exceed the Nil Rate Band, currently £325,000? Anything over that amount is taxed at 40%. Everyone, for Inheritance Tax purposes, is a high rate taxpayer.

In addition to the Nil-Rate Band (NRB), the Residence Nil Rate Bank (RNRB) came into force in April 2017. The maximum RNRB allowance in 2020-21 for an individual is £175,000. By combining their NRB and RNRB couples can effectively raise their IHT free allowance up to £1m when it comes to the time to pass on the family home to their children. The RNRB rules are complex and they will not apply in every situation. You should get in touch with us to discuss how the rules will apply in the context of your situation.TPL 2020 21

There are numerous methods and planning opportunities to help reduce and possibly even mitigate any Inheritance Tax liability which may exist. These are:-

  • Exempt gifts allowance
  • Trusts
  • Wills
  • Alternative investment market (AIM)
  • Equity release
  • Pension planning and inheritance tax
  • Life assurance

Our annuual Tax Planning for Life guide contains a range of tax planning tips and advice for individuals and families >Download TPL 2020-21 


To get your started, some questions we'll ask you at our tax planning meeting 


  • Do you know what your total net estate is actually valued at?
  • When was the last time you updated your Will?
  • Do you currently benefit from an existing trust?
  • Have you made or do you intend to make any gifts of capital?
  • Do you expect to receive any gifts or inheritances?
  • Do you wish to release equity from your home?
  • Do you have a personal pension?

UK Business and Personal Tax Rates 2020-21. Download UK Tax Rate Card >more

Please note - Not all Inheritance Tax Planning solutions are regulated by the Financial Conduct Authority.


Contact our tax planning advisers to arrange an appointment TimeMgt

While we are based in Glasgow, we are happy to travel to visit clients across Scotland and the rest of the UK. For free initial advice on your inheritance tax planning from our experienced financial advisers, contact us on 0141 272 0000 or fill out our online enquiry form.