Inheritance tax

Inheritance Tax can be reduced, or even, eliminated with proper planning

Planning to Reduce Inheritance Tax

We look to reduce our clients’ potential inheritance tax bill by careful, legitimate planning. We are able to reduce the potential tax burden in almost every case we see, by making use of all the government allowances, considering the use of Trusts, exemptions and gifts and writing a well constructed Will.

Each individual has their own nil-rate band (currently £325,000). Any unused balance of the nil-rate band may be claimed by the surviving spouse’s executors on their death. This means that there is, potentially, £650,000 that can pass free of tax on the death of the second partner.

From April 2020, a further tax-free allowance of £175,000 will give each individual an additional allowance that can be used against the equity in their home, provided they leave it to their children (including step, foster or adopted) or grandchildren. This allowance can be transferred to a spouse or civil partner if it isn’t used up on the first death.

This means that, when added to the existing £325,000 individual allowance, a couple will be able to leave £1 million without paying inheritance tax by 2020. The new allowance is tapered away when a couple’s estate exceeds £2m.

Inheritance Tax can be reduced, or even eliminated, with proper planning and administration of government allowances, exceptions and trusts.

Paying Inheritance Tax after Death

In most cases Inheritance Tax (IHT) is due within six months of a person’s death, with interest added by HM Revenue and Customs thereafter. Consequently our speed in dealing with these matters is of huge benefit.

To establish whether Inheritance Tax is due it is necessary to value the Estate. This is completed by adding up all assets such as property, possessions, money and investments and then deducting the deceased’s debts (including household bills and funeral expenses). Any exemptions, reliefs or tapering are then applied. It can be a complex process and we pride ourselves in dealing with it efficiently.

IHT has to be paid before a Grant of Probate is released. We can organise this from existing accounts, loans or by making bespoke arrangements with the HMRC.



Lasting Power of Attorney

Estate Administration

Inheritance Tax

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