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Inheritance Tax (IHT) Planning

Inheritance tax (IHT) is not just a tax on the rich. At present the first £325,000 of your estate passes free of tax, but any value over this is subject to an IHT liability of 40%.

How can we help?

Many of our clients find that their home alone ensures that their estate will need to pay IHT. The government has created a new exemption for your residential home. Careful consideration of how you leave your estate is required for this exemption to apply, so the terms of your will are central to whether your estate will be able to benefit. There are also transferable exemptions available to married couples who have left their estates to each other.

In most cases steps can be taken to reduce your estate’s IHT liability, and these depend on your individual circumstances. They can be through your will, trusts or other mechanisms, and may, for example involve the following:

 

  • Use of gift allowances
  • Use of specific exemptions
  • Setting up one or more trusts, in lifetime or through a will
  • Severance of joint tenancy
  • the type of legacies you leave in your will

This list is not exhaustive, and we also work closely with Independent Financial Advisors to achieve the best solutions for you in your lifetime and through your will.

It is important to realise that tax law changes every year and a method of saving tax now, may change in a few years’ time, or a new tax efficient scheme may be more appropriate. Our Private Client team can advise on your specific needs, and recommend that advice is regularly reviewed as the tax landscape changes.

Our services include:

Your key contacts:
...
Claire Martin
Partner  Head of Private Client

Tel:02072280017

...
Prue Abrahams
Associate Private Client

Tel:02072280017

...
Amaya Huntly
Solicitor Wills, Probate, Trusts

Tel:02072280017

...
Samantha Fennah
Solicitor Private Client

Tel:02072280017

...
Herman Cheung
Associate Private Client

Tel:02072280017

...
Sophie Sibley
Paralegal Private Client

Tel:02072280017

...
Rajinder Rai
Senior Associate & Accredited Mediator Private Client

Tel:02072280017

...
Julia Norris
Trainee Solicitor Property Litigation & Dispute Resolution

Tel:02072280017

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