Inheritance Tax Advice from Specialist Accountants
Inheritance tax advice so you minimise your liability to HMRC and family retain as much of your estate as possible.
Inheritance Tax Advice
At DS Burge & Co, our team of accountants can help provide you with inheritance tax advice, to help reduce your inheritance tax liability.
Inheritance tax (IHT) is a tax that people have to pay when they inherit an asset from a deceased person. It is also called estate or death duty. IHT tax rate depends on the value of the inheritance, the beneficiary's relationship with the deceased, and the state of residence.
Before paying the IHT, you must get an IHT reference number three weeks before making a payment and must be paid by the end of the sixth month after the demise. Failure to honour this attracts interest charged on the outstanding amount.
Inheritance tax can be a huge burden to many people if they lack the know-how on how it's calculated. In addition, lack of proper planning affects the percentage of assets you can transfer to your loved one. They might even be forced to sell the assets to pay the IHT. Imagine how stressful that can be, especially if the asset is the family business.
Engaging specialist accountants like DS Burge & Co will help you reduce your inheritance tax liability. We provide personalised advice and solutions to our clients about inheritance tax.

How DS Burge & Co can help reduce your inheritance tax liability
- We can assist with valuing your assets and review your portfolio so you can understand your IHT liability.
- We'll review allowances and exemptions that you can take advantage of to minimise your liability to HMRC so your family retain as much of your estate as possible.
- Explain the important considerations that you need to consider in how you structure your company. This is a key element of ensuring you qualify for business property relief.
Let us take the stress out of Inheritance Tax
If you'd like to find out more about our inheritance tax advice or need help understanding the allowances and exemptions you qualify for, please don't hesitate to get in touch

Inheritance tax allowances and exceptions
Taxes are an inescapable part of life that we must all deal with. However, with IHT, there are some allowances and exceptions that will have the tax lifted exempted.
Allowances
When a person dies, their estate's value over the nil rate band is liable to IHT at 40 % unless passed directly to a spouse or registered civil partner. This means that the first £325,000 of your estate will not be taxed.
As a couple, you can share your thresholds by transferring the unused element of their IHT-free allowance to their living spouse when they die. Doubling up the allowance enables a couple to pass on a £650,000 tax-free before 40% inheritance tax becomes due.
Exceptions
The following are some IHT exceptions that help you reduce the amount of tax.
To reduce the amount of IHT charged on your assets, you can make inheritance tax-free gifts of up to £250 to as many people as you want. Under the annual exemption, you can give away up to £3,000 every year either as a single gift or several gifts.
If you are in a civil relationship or married to a UK spouse, you can leave your assets directly to them to avoid taxation. However there are different rules for individuals who are domiciled outside the UK and who have a UK-domiciled spouse or civil partner and UK-domiciled individuals who have a non-UK domiciled spouse or civil partner.
Gifting your assets to family or friends, with the intention of not benefiting from it anymore, makes the value of the gift included in the IHT, but for seven years only.
Let’s put it into context. For instance, if you gift your friend some amount of money and live for seven more years, the money won’t be included when calculating the IHT when you pass away.
Leaving your assets to charity exempts them from IHT as it benefits a good cause. For example, if you leave at least 10% of your assets to charity, it reduces the tax rate from 36% to 40%. The percentage might not be a lot, but it increases the amount your family and charitable organisations receive.
Buying a life insurance policy will not reduce the IHT directly, but the payout will make it easier for your family members to settle the hospital bills. This will prevent any intent of selling your assets. However, ensure that the life insurance policy goes into a trust to avoid more tax payments.
Testimonials

- Phenomenal service for nearly 10 years now. Would highly recommend.Richard B.1/26/2022
- My experience has been excellent using your company I couldn't ask for any more Thank youKennie B.1/26/2022
- I totally recommend DS Burge & Co. They are always super helpful, highly knowledgable and are genuinely nice guys.David J.1/26/2022
- Excellent service and really valuable advice on personal, corporate and foreign tax matters at a fair cost. Would recommend highly.Justin B.1/30/2024
- I’ve been working with the Team for over 30 years and can only compliment them on their service and supportKit M.7/03/2021
- Excellent service. Responsive, clear - can't fault them.Lucinda P.1/12/2024
- Wonderful, friendly service. As a small non for profit tennis club we have greatly appreciated the sound advice around managing our accounting and tax requirements.Olly J.2/24/2024
- A brilliant service from day one where our previous accountants had left us in a bit of a mess. Now everything runs like clockwork, and the team are always on hand to answer ad-hoc questions, solve problems etc. I've recommended DS Burge to other business owner friends, which I always think is the best - and highest - endorsement.Thomas C.1/26/2022
- Excellent service first class No problems will use againMartin F.11/26/2023
- We have used DS Budge & Co since we set up the company 11 years ago and I can honestly say that we wouldn’t still be here if it hadn’t been for their assistance over the years. They are not only first rate accountants but trusted, loyal advisors and friends – I could not recommend them more highly.Camilla H.1/26/2020
- Kieran at DS Burge & Co Accountants was recommended to me via my financial adviser last year. The services he provides is second to none. Prompt, efficient and reasonably priced he is well worth talking to if you are searching for an accountant. His advice has also been a great help in saving me money dealing with other business matters. Well worth paying him a visit. Peter Kalejs Leatherhead.Peter K.1/26/2022
- Great service that is pragmatic and has a strong commercial focus. I would highly recommend Kieran and the rest of the team.Stephen B.11/26/2023
- Kieran and his team are excellent. Very responsive and very up to date on the latest accountancy rules and how to be most efficient with your affairs. I would highly recommend DS Burge. I have recommended them many times to my close friends.Dr M.1/05/2024
- I have been dealing with Kieran at DS Burge & Co for some time and have been very pleased with the service offered. I would highly recommended the company.Jeremy C.1/12/2024
- Excellent service. Taxes and incorporation of my company sorted promptly.IMGS1/26/2020
Business property relief
As a business owner in the UK, you can consider Business Property Relief (BPR) as a means of reducing your IHT liability. With the help of a specialist accountant, you can transfer your business assets to your children without IHT charges as a business owner. To receive BPR, you are required to have owned the assets or the business for at least two years before your demise.
This means that if you pass away shortly after starting your business, your assets won't be exempted from inheritance tax. However, if you inherit your spouse's business, who passed on before two years were over, your period of ownership is added to your spouse's period of ownership. If the period exceeds two years when combined, you qualify for BPR relief.


What is a trust, and how does it affect inheritance tax?
Putting some of your money or assets into a trust you, your children, or spouse can benefit from; they are never included in IHT calculation. You can set up a trust immediately or establish one in your will.
If you transfer certain assets into a trust in your lifetime, there might be a Capital Gains Tax (CGT) as a consequence. However, if you establish a trust in your will, there will be no liability to GCT. Note, some trust types are subject to their tax regimes, and the trust might have to pay IHT themselves. For example, trustees are likely to be liable for Income Tax at 45% and capital gains tax at 28%.
Please don't hesitate to contact us to help you stay clear of the potential pitfalls with inheritance tax and maximise your allowance.
At DS Burge & Co, we offer a wide range of personal tax services, from capital gains guidance to self-assessment tax returns, so we're expertly placed to provide you with comprehensive tax advice based on your circumstances. In addition, our inheritance tax specialist accountants will ensure you retain the benefits of your labour, and HMRC does not suck it up.
Don't delay! Get in Touch
If you are considering switching accountants, we can help make the switch smooth, quick and hassle-free.