Inheritance Tax is the tax applicable to people’s wealth when they die.
It can include some wealth distributed prior to death, especially in the seven years preceding death.
The terms on which this tax is based can mean that any significant gift or transfer of wealth (in almost any form) at any stage in a person’s life may need to be examined.
Some transfers of wealth can be clawed back into an estate, and taxed, however long ago they were arranged.
You are likely to have heard people talking about avoiding inheritance tax, and this is an area that everyone should consider.
Generally, it is always sensible to seek advice and monitor major transactions as almost all Inheritance Tax can be prevented by careful estate management.
Prevent Inheritance Tax
There are a whole range of strategies you can deploy to prevent paying this tax and Astons Accountants can advise you on most. There are certain areas (such as the making of a will) where we are not specifically authorised/licensed to help. In these cases we will be able to introduce you to one
of our strategic partners who will be able to help and will work with us to support you and your needs.
We have staff who have experience in dealing with the administration of Estates (whether or not they are affected by Inheritance Tax) so we can help.