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Inheritance Tax Planning

Our team of Inheritance Tax Planning Solicitors are on hand to offer consultation and Inheritance Tax Planning advice. If you wish to speak to one of our Inheritance Tax Planning Solicitors you can call us free on 0800 310 2000. Alternatively you can complete our online Inheritance Tax Planning Enquiry form and we’ll get right back to you.

What is Inheritance Tax Planning?

Inheritance Tax Planning is firstly reviewing the value of your total assets to find out if they are over the current Inheritance Tax threshold as set out by the government. This is important before writing a will as there are some measures that you may want to take to avoid paying Inheritance Tax.

What is the current Inheritance Tax threshold for Individuals?

The current Inheritance tax threshold for individuals is £325,000 (the nil rate or nil band threshold). This is for all assets including trusts and gifts made within 7 years of death.

What is the Rate of Inheritance Tax?

The rate of Inheritance Tax is 40% of everything above £325,000.  Although this may be reduced on gifts made between 3-7 years before death.

When does Inheritance Tax have to be paid?

Usually it is the responsibility of the executors or personal representatives of your estate to settle any inheritance tax bill before distributing your assets to your beneficiaries.

What is the current Inheritance Tax threshold for couples?

If you are a married couple or civil partners and you leave all or part of your assets to your spouse or partner they can add your Nil rate allowance to theirs. This means that upon death of the 2nd partner/spouse the Inheritance Tax threshold can be as much as £650,000.  

If the Inheritance Tax threshold increases between the time of the 1st partner or spouse dying and the death of the 2nd the increased threshold amount will apply.

How can Vincents Inheritance Tax Solicitors help?

Our team of Inheritance Tax Planning Solicitors here at Vincents are dedicated to helping you reduce your Inheritance Tax liability. Planning beforehand will make things easier for your family and friends and what will be a difficult and upsetting time.

We can help you to arrange gift payments as part of your Inheritance Tax Planning. We can also set up trusts and investigate any Business Relief benefits that you may be eligible for.

We also recommend speaking to our independent financial advisors team, Vincents Financial for investment advice. Our advisors can help to ensure that an Inheritance Tax bill can be settled enabling distribution of the estate. Our advisors may also be able to ensure that any Inheritance Tax liability does not increase further.

They can also advise on setting up savings for children and grandchildren from regular income.

What next?

You can speak to one of our Inheritance Tax Planning Solicitors today for friendly professional, advice on 0800 310 2000.

For any enquiries regarding Inheritance Tax Planning please contact our Wills and Probate Solicitors department on 0800 310 2000
Or enquire online here.