Convenient central location…

in Beaconsfield New Town.

Free home visits

for elderly clients or clients with mobility problems.

Green Office Policy

At Michael Brough and Cohen we have a policy of environmentalism.

This includes recycling 100% of our paper waste and toner cartridges. We use energy-efficient lighting, and almost ALL our stationery is from recycled sources. We walk to local appointments where practical and turn off office machinery when it is not in use.

Inheritance Tax / Planning

Inheritance Tax – also known as IHT – is the tax paid, where applicable, on your ‘estate’. Generally, this is everything you own at the time of your death, less what you owe.

It is also sometimes payable on assets you may have given away in your lifetime. Assets include things like property, possessions, money and investments.

Michael Brough and Cohen have extensive experience in this field. We can advise you at any stage on how best to manage your affairs to eliminate or minimise your liability.

Not everyone pays Inheritance Tax. It only applies if the taxable value of your estate when you die is over the limit for that year, and is only payable on the excess above this limit. Your estate includes your share of any jointly owned assets and assets held in some trusts.

IHT estate limits is:

  • £325,000 in the 2012/13 tax year

IHT is paid at 40% on the amount above the IHT estate limit.

From 6 April 2012 people who leave 10 per cent or more of their net estate to charity can choose to pay a reduced rate of Inheritance Tax of 36 per cent.

There are a number of exemptions that allow you to pass on amounts without Inheritance Tax being due. These can be done during your lifetime or in your will:

  • If your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay, even if it’s above the £325,000.
  • Most gifts made more than seven years before your death are exempt, but there are conditions to this ruling.

The executor of the estate is expected to assess whether IHT is payable and submit the necessary forms to HMR&C.

Capital Gains Tax (or CGT) is a tax that may be payable if the valuation of your estate increases after your death but before it is divided up.

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All of this can be extremely complex and many people wisely seek the professional help of a lawyer at this time. This is where Michael Brough and Cohen can help. We can assist with Financial Planning in order to avoid or at least reduce the amount of IHT or CGT that needs to be paid.

The information on this page is only a summary and should not be treated as formal advice.

Why not contact us for a free written quote, or arrange an appointment to review your individual circumstances.

Call 01494 680420 or email us with any enquiry.

Please ask about home visits for elderly clients.

Please see our Wills & Probate page for additional guidance