There is a misconception that you only need to worry about Inheritance Tax upon death! For effective Inheritance tax planning, it should be considered well in advance ideally, although there are some options later on in life. Inheritance tax also has to be paid sometimes on lifetime transfers. Inheritance tax can be dealt with by a Solicitor or Accountant/Tax Adviser, for the best tax planning it is often best to work in combination.
There are 3 types of Inheritance Tax:
- Lifetime transfers
- Death Tax
- Death Estate