Estate planning

Inheritance Tax can be an emotive issue; the overwhelming view is that having worked hard to build up capital and assets during a lifetime, individuals wish to pass on that wealth in full to their beneficiaries, usually their children or grandchildren, while in reality, without a structured plan, much of those assets may go to HM Revenue & Customs in the form of Inheritance Tax.

In addition, Inheritance Tax planning is complicated, and there is no 'one size fits all' solution.

Mackenzie Financial Planning provide individually tailored solutions for our clients. We believe that our role should be to devise a strategy for each of our clients which is 'right' for them and their family.

We will provide a bespoke plan for your personal circumstances, and ensure that the solution provided is considered and clear, explained and understood before it is implemented. We ensure that the relevant steps are actioned to put your plan into place, and provide regular reviews to ensure that your strategy remains suitable in the face of changing circumstances and legislation.

During this process, we will liaise with your accountancy, legal and other advisers to ensure that all the action taken is co-ordinated, consistent and properly planned.

If you want to talk to one of our consultants regarding Inheritance Tax and your individual circumstances, please contact us.

Payable at 40% on the value of a person's estate on death over a relatively modest threshold, Inheritance Tax produces a significant revenue for the government of the day.

Although the exact figures will vary due to the annual adjustment in the Inheritance Tax threshold, the approximate liabilities are:

Estate	Tax
£500,000	£70,000
£750,000	£170,000
£1 million	£270,000
£1.5 Million	£470,000
£5 Million	£1.9 million