Birkdale office
Birkdale, SouthportMerseyside
- Phone
- 01423 611004
- enquiries@seventyfinancialplanning.com
- Meetings
- By appointment, in person or by video
Inheritance tax planning in Southport & Birkdale
Inheritance tax planning for Southport, Birkdale, Formby and the Sefton coast. A clear number, a plan to reduce it, and help to pass on more of what you’ve built.
Inheritance tax planning that starts with you
On the Sefton coast a paid-off family home and a decent pension are enough to put some families into inheritance tax for the first time, especially from April 2027, when most unused pensions join the estate. In Formby and parts of Birkdale, larger estates also need to watch the £2 million point where the residence nil-rate band begins to disappear.
We start with an honest estimate, then look at the options: gifts, how you spend your pensions and savings, trusts, life cover, charitable giving and the downsizing rules. We work with your solicitor on the legal side.
- An estimate you can trust. Today’s rules and the April 2027 rules side by side, so you can see the change.
- Gifts that work. Annual exemptions, regular gifts from surplus income and larger lifetime gifts, planned so you never give away money you might need.
- Downsizing without losing allowances. The downsizing addition can protect the residence nil-rate band when you move somewhere smaller.
- Paying the bill without a fire sale. Life cover written in trust can fund inheritance tax so your family doesn’t have to sell the house quickly.
What’s changing, and when
Five dates that shape pension and inheritance tax planning between now and 2031.
Farm and business relief capped
100% agricultural and business relief now applies to the first £2.5 million of qualifying assets per person (transferable between spouses). Above that, relief is 50%.
Pensions enter the estate
Most unused pension funds and death benefits count towards inheritance tax for deaths on or after this date. Death-in-service benefits are excluded.
Minimum pension age rises to 57
The earliest age most people can take money from a personal pension moves from 55 to 57. The State Pension age is also reaching 67 by 2028.
Salary sacrifice capped
Only the first £2,000 a year of pension contributions made by salary sacrifice will stay free of National Insurance.
Allowance freeze ends
The £325,000 nil-rate band, £175,000 residence nil-rate band and £2.5 million relief allowance are fixed until this date.
Inheritance tax planning across the Birkdale area
We help clients in all of these towns, in person at our Birkdale office or by video.
- Ainsdale2 miles
- Formby5 miles
- Ormskirk7 miles
- Crosby11 miles
- Maghull8 miles
- Burscough7 miles
- Skelmersdale11 miles
- Tarleton & Hesketh Bank8 miles
- Leyland14 miles
- Lytham St Annes8 miles
Birkdale, Southport
Merseyside
I have enlisted the help of two leading members of Seventy Financial Planning over the past few years – Chris Riley and Andrew Brierley. Both have been fantastic and relaxed in their friendly Yorkshire manner! In fact all of the team at Seventy are great. Highly recommended.
Seventy brought real clarity to my personal situation, highlighting areas that need attention and which were performing well. I appreciated the genuine desire to understand my personal situation. The unhurried and professional approach made Seventy a pleasure to work with.
My wife and I first contacted Chris at Seventy some 10 years ago. We were very impressed with him and the advice we were given, and have been ever since. It is good to know that our finances are being taken care of by such a competent adviser and I would recommend Chris’s services to anyone.
The team at Seventy Financial Planning have provided my wife and I with invaluable expert advice and support over a number of years. Their services are very professional and first class. I would not hesitate to recommend them to anyone seeking independent financial advice.
Seventy has been a real lifesaver for us. Our investments with a previous firm were rapidly depleting. This would have resulted in severe difficulties for us. Seventy stabilised and grew our investments. That this was achieved in the difficult markets we are seeing is impressive.
Chris from Seventy sat with me and assessed my needs and how risk averse I am. He then provided me with a full review of findings and investment options. I am now in a better financial position than I would have been without his advice and I have been able to take early retirement.
Inheritance tax planning: your questions
Does everyone pay inheritance tax?
No. Most estates still pay none. Tax is charged at 40% on the part of an estate above the available allowances, and anything left to a spouse, civil partner or charity is exempt.
What is the seven-year rule?
Gifts to individuals fall outside your estate if you live seven years after making them. If you die within seven years, the gift uses up your nil-rate band first, and taper relief can reduce the tax on larger gifts made three to seven years before death.
Can I give my house to my children?
You can, but if you keep living there without paying a market rent it’s treated as still yours for inheritance tax, and there may be capital gains tax for them later. There are usually better ways, and we’ll explain them.
Also from our Birkdale office: financial planning and pension planning.
Let’s chat
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BirkdaleBirkdale, Southport, Merseyside