Inheritance Tax

Inheritance Tax can often be minimised with careful planning.

Inheritance Tax is normally payable when you die if the value of your estate exceeds the inheritance tax threshold. For this purpose, your estate will include the value of certain gifts made within seven years before death.

Inheritance Tax is payable at 40% on any excess over the threshold. However, there are some important reliefs and exemptions, for example where assets pass to your spouse or civil partner.

Inheritance Tax can also be charged on some types of lifetime gift, for example gifts to discretionary trusts. Lifetime gifts to individuals are normally exempt if you survive for at least seven years after making them.

We have significant experience in helping clients to reduce or avoid inheritance tax.  This can involve advice on:

• the best use of Inheritance Tax allowances by married couples and civil partners
• exemptions and reliefs, such as agricultural property relief
• Inheritance Tax - efficient Wills
• lifetime gifts, including trust creation
• post death arrangements
• domicile issues.

For further information please contact one of the team.