Inheritance Tax Planning

Inheritance Tax (IHT) is levied against a person’s estate upon death. Currently, the tax-free allowance on death (the Nil Rate Band) is £325,000. If your estate is worth more than this, the beneficiaries of your Will could be taxed 40%.

IHT is also charged on disposals of assets within the seven years prior to death. This means that any disposals within the last seven years will not only ‘eat away’ at your Nil Rate Band, but if they were to go over this, would be subject to a lifetime tax rate of 40%.

How can we help you?

With careful planning, our Wills and probate solicitors can help you to reduce the impact of IHT and possibly avoid it all together. We can provide advice on IHT planning tools such as:

  • Making use of the transferable Nil Rate Band
  • Annual exemptions
  • Small gifts
  • Wedding gifts
  • Gifts from surplus income
  • Charitable giving
  • Potentially Exempt Transfers (PETs)
  • Reliefs for Business and Agricultural Property
  • Utilising Trusts
  • Tax efficient investments
  • Using the family home
  • Planning through your Will

Our Team can talk you through each of these exemptions and consider their most effective use in relation to your estate. Why not combine an IHT planning appointment with a Will review to ensure you have a tax efficient Will in place?