It is important to plan for the future and this is certainly true in relation to inheritance tax. Failing to plan for inheritance tax purposes can have significant implications, including unexpected tax bills that potentially could have been avoided and in some cases the sale of assets which have been in families for generations.
Despite inheritance tax being a complex area, it is one that should not be ignored.
The question that is often asked is: Where do you start?
As trusted and respected business advisers, we would ask the following:
- Do you have an up to date will, which reflects your current wishes?
- Do you have an up to date Partnership Agreement in place that allows the partners’ wishes to be fulfilled?
- Are you taking full advantage of reliefs available to minimise inheritance tax?
- Do you qualify for existing inheritance tax reliefs?
Hopefully you answered yes to all of the above, otherwise some action will be required.
We would urge you to consider your current position, as well as periodically reviewing it to ensure that everything remains up to date, taking account of new legislation together with changes in your personal situation, thus preventing unnecessary problems in the future.
Our team deal with many clients in the central belt and have a detailed knowledge of financial issues that you may encounter.
One area that may be affected by this are businesses within the agricultural sector, in which we have specialist knowledge. It is unfortunately a common belief of many farmers that they will not be subject to inheritance tax, especially with the tax reliefs available to them. For many, this will be true, but sadly not for everyone. It is very easy not to qualify for such reliefs, especially with HMRC looking at this area and challenging an increasing number of claims.
Should you have any queries in relation to this area or any other matter please contact Ian Bilsland on 01324 441270 or via email at firstname.lastname@example.org