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.

What is inheritance tax?

Inheritance tax is due on your estate (property/land, savings and investments, jewellery, works of art and cars, etc.) when it is valued over the current IHT nil rate band. The tax is payable at 40% on the amount over the nil rate band.

Whilst it is usually only payable on death, there are certain circumstances when inheritance tax becomes payable earlier, such as assets held in certain Trusts and gifts made within seven years of death (other than exempt gifts).

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 pass away.

There are a range of further IHT exemptions and reliefs available to reduce the IHT burden.

Inheritance tax and family wealth planning advice – how we can help

The burden of IHT remains very high unless you take effective measures to reduce the tax liability of your estate.

At Nelsons, we can provide expert inheritance tax and family wealth planning advice through our Wills, Trusts and Probate team, who can help you use key planning tools to produce substantial tax savings. We can provide a specialist service, providing advice based on what you want to achieve and what you want to pass on to your loved ones on your death.

Our team can provide inheritance tax advice in many cases, such as:

  • 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

Our expertise

Our team keeps up to date with the latest tax processes and procedures so that we can always supply you with the best advice and service possible.

The team is recommended by the independently-researched publication, The Legal 500, as being one of the top teams of experts in the country, and also includes solicitors who are full members of Society of Trust and Estate Practitioners (STEP) – an international professional body for practitioners specialising in inheritance and succession planning.

If you would like advice in relation to inheritance tax and family wealth planning, please contact our team in Derby, Leicester or Nottingham on 0800 024 1976 or via our online enquiry form

  • "Nelsons Solicitors Limited has an extensive offering, with practitioners having experience of trust administration, Court of Protection work, investment management, wills and probate..."

    Legal 500
  • "Always courteous, friendly but professional staff."

    Client Feedback
  • "Very professional and efficient."

    Client Feedback
  • "The team is friendly, knowledgeable and efficient. They have always answered queries promptly."

    Client Feedback
  • "There is excellent communication with all members of the team. If one is off then always someone to help."

    Client Feedback

Find out how Nelsons can help you. Contact our friendly team for a guaranteed fast response.

For advice and support 0800 024 1976