Helping you plan your inheritance tax
More and more people are now affected by inheritance tax (IHT), and risk paying tax of up to 40%, over and above the nil rate band, of the value of their wealth on death. We can offer inheritance tax advice.
Inheritance tax is due if:
- Your estate – including assets held in certain trusts and gifts made within seven years of death (other than exempt gifts) – is valued over the current IHT nil rate band
- The tax is payable at 40% on the amount over the nil rate band
- Married couples and registered civil partners can increase the nil rate band on their estate when the second partner dies, by taking advantage of concessions that allow them to transfer the first spouse’s unused IHT nil rate band to the second spouse when they die
- There are a range of further IHT exemptions and reliefs available to reduce the IHT burden
Inheritance Tax Planning
Inheritance Tax planning can reduce your IHT liability
The burden of IHT remains very high unless you take effective measures to reduce the tax liability of your estate.
Our inheritance tax planning and family wealth planning teams work hand in hand with our Wills & Trust teams and can help you use key planning tools to produce substantial tax savings in many cases, using:
- Discretionary and property trusts within complex Wills structures
- Lifetime gifts either to trusts or individuals
- Making sure full use is made of annual exemptions
- Deeds of variation to improve the inheritance tax position
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Contact us now speak to our Wills, Trusts & Probate Team to obtain expert inheritance tax advice and guidance about family wealth planning.