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  • Overview

    As is usual between spouses, on the first death the whole of the deceased’s estate passed to his widow. This can be a simple and attractive option between spouses, however surplus family wealth tied up in the survivor’s estate is likely to fall foul of Inheritance Tax (IHT) without taking advantage of further planning.

    Upon review of the survivor’s estate, it was apparent that she had far more capital than she would reasonably need for the rest of her life. We were able to assist her by making selective, tax efficient transfers out of her estate to each of her children without compromising her standard of living.

    This had the benefit of immediately benefitting the children of the family without immediate charge to inheritance tax, whereas a direct legacy to the children from their father’s estate would have been chargeable to tax with the unfortunate effect of reducing his nil rate band, to the detriment of his spouse. The second benefit to the structure is that, provided the gifts are survived by the widow by 7 years, the transfer would have successfully fallen outside of her estate, minimising her own IHT exposure at her death.

  • Related Services

    Tax advice

    The tax system is increasingly complex but we can advise on most issues facing individuals.

    Wills & estate planning for business owners

    Writing your will is an essential part of your personal estate and financial planning, however it also has a crucial impact on your business.

Newsletter sign up

I would like to receive newsletters, event invitations and publications from Thomson Snell & Passmore by email on the following topics (tick all those that apply) and consent for my data to be processed for this purpose.

We respect your privacy and want news to be relevant. To either, click here or update your preferences by emailing us at info@ts-p.co.uk. Your personal data shall be treated in accordance with our & .

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By submitting an enquiry through 'get in touch' your data will only be used to contact you regarding your enquiry. If you would like to receive newsletters from Thomson Snell & Passmore please use the separate form below.

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