Tax planning advice

Want to lower your inheritance tax burden? Our financial and tax advisers can guide you on the most suitable solutions and opportunities for inheritance tax planning.

Visit the links below to explore our tax services on maco.co.uk. We can assist you in organising your taxes, investments, and overall financial matters to minimise both your current and future tax obligations for yourself and your family.

How we can help

Inheritance Tax Planning: in short

Inheritance Tax is often referred to as a voluntary tax, as it is paid by those who have more distrust in their heirs than dislike for the Inland Revenue. Surprisingly, HMRC collects over £4 billion in Inheritance Tax each year.

If your taxable estate exceeds the Nil Rate Band, which is currently set at £325,000, anything above that amount is subject to a 40% tax rate. This means that everyone, in terms of Inheritance Tax, is considered a high-rate taxpayer.

In April 2017, the Residence Nil Rate Band (RNRB) was introduced. For the year 2020-21, the maximum RNRB allowance for an individual is £175,000. Couples can effectively increase their Inheritance Tax-free allowance up to £1 million by combining their Nil Rate Band and Residence Nil Rate Band when passing on the family home to their children. However, it’s important to note that the rules surrounding the RNRB are complex, and they may not apply in every situation. Contact us to discuss how these rules apply to your specific circumstances.

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

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?

Tax Rates 2023-24

Download your copy of the UK Business and Personal Tax Rates 2023-24

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

We offer free initial advice

We offer free initial advice to help you navigate the choices available and ensure your best interests are prioritised.

Contact us to discover how we can assist you in achieving your financial objectives. Call us 0141 272 0000 or simply fill out our online enquiry form to get started.