Inheritance Tax Planning in Cheshire

Cheshire is a traditionally prosperous and desirable part of the UK. The founder of Rolls Royce, Henry Royce, was born in Tatton, whilst Wilmslow is home to many jewellers. It is a county where you are surrounded by glorious countryside, beautiful gardens and excellent transport links and it is therefore an attractive retirement home for people with material assets. Those with children and grandchildren may wish to consider leaving a legacy for their families, which it is why, upon retirement, it is smart practice, if you are in an advantageous position, to anticipate your liability for estate duties and to start thinking of the need for inheritance tax planning in Cheshire.

What is inheritance tax?

Inheritance tax is the sum of any money owed to HMRC on all assets you own that are valued at 40% above the current threshold.

This is currently set at £325,000 and only applies to those with significant estates.

According to HMRC, an estate will be understood to mean anything from physical possessions such as a house, car or jewellery, to investments, shares and savings. If the value of one or any more of these exceeds the existing threshold, you will be liable to pay inheritance tax.

Planning ahead

When planning ahead it is a good idea to book an appointment with qualified professionals who can offer useful advice on inheritance tax planning in Cheshire. They will advise you on the most effective strategies to reduce the amount of inheritance tax you are liable for on your estate. Options that might be suggested include investments or trusts that offer an exemption from duties.

Why Hartey Wealth Management?

Inheritance tax can be a complicated area to navigate.

Award winning Hartey Wealth Management are rooted in the North West and offer years of local knowledge and professional experience guiding people through their financial legacies and specific inheritance tax planning in Cheshire. There can also be real benefits in turning to a Cheshire-based service that guarantees a more convenient and personal touch.

If you estimate that your estate is above the threshold for inheritance tax and want to start making a plan for this, speak to Hartey Wealth Management today. Hartey Wealth Management, based in Chester and Oswestry, is committed to Cheshire, where it has offered financial advice and investment planning services for more than 25 years.