Inheritance tax

With careful planning and regular reviews during your lifetime, we can help you to minimise the tax payable on your death and maximise the amount you leave to your loved ones.

Inheritance tax is usually paid on an estate when someone dies, but it can also be payable on trusts or gifts made during a person’s lifetime.

With careful planning and regular reviews during your lifetime, we can help you to minimise the tax payable on your death and maximise the amount you leave to your loved ones.  There is a range of exemptions and reliefs from inheritance tax and we can assist you in structuring your affairs to make the most of these.

Inheritance Tax may not be a concern for you if the value of your estate is below the nil rate band of £325,000 (which is taxed at 0%).  However, if the value of your estate is worth more than the nil-rate band, inheritance tax may be payable at a rate of 40%.  Without careful planning, this can significantly reduce the value of your estate that is left to pass on to family and friends.

Your estate may be able to benefit from a transferable nil rate band (from a predeceased spouse) and/or a residence nil rate band.  There are several other exemptions and reliefs that may be applicable.  These include Business Relief, Agricultural Property Relief and various exemptions in relation to gifts made during your lifetime.

If you own a property and you are leaving your estate to lineal descendants (such as children, grandchildren) you may be able to claim the residence nil rate band.  This is an additional amount that is taxed at 0% but only applies in certain circumstances.

It is worth noting that your estate may benefit from the reduced rate of inheritance tax, 36%, if you leave 10% or more of the net value of your estate to a charity or charities in your Will.

Let us help you to plan for your future.

Call our Private Client enquiry line on +44 (0)203 691 2080 and we will put you in touch with a lawyer who can help.

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