Inheritance Tax Planning

Getting expert advice on inheritance tax planning can help to significantly reduce the tax burden on your loved ones after you’ve gone, as well as the workload of your will’s executor. Inheritance tax, sometimes known as estate tax, is payable by your heirs on estates worth more than a certain amount. Successive governments have made changes to inheritance tax rates, thresholds and laws, making it even more important that you take advantage of informed, expert legal and financial advice.

Our experienced legal team can help you plan your estate to make the most of the various inheritance tax exemptions, reliefs and legitimate avoidance measures available so that the liability imposed on your family is kept to a minimum.

Claiming a Transferable Nil Rate Band

Thanks to the Finance Act 2008, spouses and civil partners are entitled to bequeath all their assets to one another without losing the benefit of their combined unused nil rate band – so that the couple could leave an estate worth up to £650,000 to their children tax-free. However, there are penalties imposed by HMRC for nil rate band transfers that are filed incorrectly, making it vital that you obtain proper inheritance tax planning advice from qualified solicitors and financial advisors.

A claim for an unused nil rate band transfer can only be made after the death of the surviving spouse or civil partner, therefore it would be advisable for the trustees and/or beneficiaries of your will to be included in your plans for reducing their inheritance tax liability.

Benefiting From Exempt Transfers

There are several ways of transferring property during your lifetime that will avoid incurring taxation, and so prudent inheritance tax planning should include provisions for such transfers, gifts and the like in addition to drafting a will. Our experienced legal and financial advice team can help you take advantage of exemptions such as:

  • Capital transfers for the purpose of providing for your family, in particular dependents
  • Tax-free investments that qualify for Business Property Relief
  • Gifts made to charity, which may also qualify for Gift Aid
  • Gifts made to certain types of trusts
  • Life insurance policies written in trust for inheriting beneficiaries

We provide all our clients with friendly, efficient and professional advice on inheritance tax planning. Our service is always personal to you and your circumstances. Our large team of consultants work with clients on an individual basis to ensure that you receive the best and most relevant advice possible. We will ensure that the best provisions are made for yourself and your family, whether they are required now, or in the future. We take care to provide practical inheritance tax advice with sensitivity in the most straightforward way so that you understand every step of the process.