Inheritance tax planning.
Nobody wants to think about what happens to their money after they're gone, but leaving it too late can mean more of it goes to HMRC than needs to. At Newton & Co, we help you plan ahead, using the allowances you're entitled to, so more of what you have goes where you want it to.
What it is, and who it's for.
Inheritance Tax (IHT) is charged on the value of what you leave behind above a set threshold, the amount you can pass on before any tax is due. Planning ahead, using your allowances properly and thinking about gifts while you're still able to, can bring down what's eventually owed.
It suits anyone with a family home, savings or a business they'd like to pass on, particularly if your estate is likely to be worth more than the threshold. This is planning ahead only. We don't handle estate administration or probate.
What we handle for you.
Everything below is about getting ahead of it, not sorting it out afterwards.
We look at what you own and what your threshold is likely to be.
We'll explain how gifts work, including the 7-year rule, so you understand what does and doesn't count.
The two allowances that reduce what's taxable, an extra one applies when you're passing your home to children or grandchildren, explained and used properly.
Reliefs may apply, we'll tell you what's relevant to you.
No jargon, just what it means for your family.
The earlier you talk to Newton & Co, the more options you'll have.
Inheritance tax planning works best with time on your side, since some of the reliefs depend on how long ago a gift was made. Natalie Basilisco ATT, CTA leads on this, and you'll deal with her directly rather than a different face each time.
Direct contact with a director
The same person, every time.
Plain-English explanations
We'll tell you what a relief actually means, not just its name.
A conversation now gives you options later.
Tell us about your family and what you'd like to happen.
What you own, what your threshold is, and what's likely to be due.
Gifts, allowances and reliefs, explained in plain English.
We'll flag anything that changes as the rules, or your circumstances, move on.
Things people ask.
Can't see yours? and we'll happily talk it through.
What's the inheritance tax threshold?
The standard nil-rate band is £325,000, and if you're leaving your home to children or grandchildren, a residence nil-rate band of £175,000 can be added on top. Between the two, that's up to £500,000 before tax is due, more for couples.
Do you handle probate or sorting out an estate?
No. We focus on planning ahead, before the event, not administering an estate afterwards.
What's the 7-year rule?
Gifts you make can fall outside your estate for Inheritance Tax if you survive 7 years after making them. We'll explain how this applies to your situation.
Is this only for people with a large estate?
Not necessarily. Property values alone can push an estate over the threshold, so it's worth a look even if it doesn't feel like a lot.
How much does it cost?
It depends on how much planning your estate needs. We'll be straight with you about what's involved, and what it'll cost, before anything starts.
Often paired with.
We work with families across Jarrow, South Shields, Hebburn, Sunderland and Newcastle, remotely across the UK, and for people living and working overseas.
Let's make sure more of what you have goes where you want it to.
Have a quick chat and we'll talk you through your options.
Prefer a call back?
Leave your details and we'll ring you at a time that suits.