With an inheritance tax rate (IHT) of 40%, the UK has one of the highest rates of estates taxes in the world. It’s crucial to keep on top of your potential exposure to IHT by making sure your will and any succession plans for your business are fully up to date.
At Wilson Wright, our approachable, highly experienced team is ideally placed to help you and your family maintain and grow your wealth.
We can advise you on numerous ways to reduce your IHT liabilities, and we’ll work with you to understand the best solution for your specific circumstances, including:
- Gifting assets to make the most of gift exemptions and the potentially exempt transfer rules
- Transfers between spouses to equalise estates and benefit from the capital gains tax “uplift” at death
- Acquiring IHT effective investments, such as shares in family businesses
- Using pensions to pass assets down the generations
- Taking advantage of the residential property nil rate band
- Using Trusts whose assets fall outside the IHT estate
The key to effective estate planning is to act early. Trusts still have an important role in financial planning for families, but they are taxed very differently. It’s important to understand this and any issues it may cause.
Trusts also play a critical role in protecting offshore assets of non-UK domiciles from exposure to UK taxes, particularly if you are approaching an extended period of UK tax residence (seven or 15 years).
Our team can help you understand these options and how they may benefit – or complicate – your situation.
Contact our specialist team
Contact our specialist team
- Karen Spencer-Smith – Tax Partner
- +44 (0)20 7832 0444
Having started her career with HMRC over 30 years ago, Karen has a wide breadth of experience in all areas of Personal Tax, advising both UK based individuals and those with an international background, structuring their taxation affairs and providing proactive advice, to steer clients through complex tax situations.
Karen is passionate about impeccable client service and trust is key to her approach. She has built client and third party relationships spanning 20 years and prides herself on providing honest and transparent advice. Giving strategic and practical guidance to non domiciled clients prior to their arrival in the UK, is a particular area of expertise, as wealthy individuals and their families continually move between tax jurisdictions.
Prior to joining Wilson Wright, Karen personally founded and successfully built a Boutique City Tax Business, and brings to the Partnership a blend of commercial and sound tax knowledge, with the ability to put clients at ease.
An avid Francophile, Karen is married to Jason, with two children and enjoys spending any spare time with her family and friends in France. She is also a keen cyclist, having completed various charity bikeathons and when time allows, volunteers at St Francis Hospice.