Inheritance Tax Planning
Inheritance Tax (IHT) is charged on a person’s estate at death. The first £325,000 is exempt, but anything above this threshold is charged at 40 per cent.
Certain tax free gifts made up to seven years prior to death, lifetime gifts, or those paid into trust may also be chargeable, although gifts to spouses, civil partners and charities are exempt.
Our Inheritance Planning team can help you organise your affairs to minimise the amount of inheritance tax taken from you and your relatives.
We can make sure your will protects your business interests, advise you on how best to ‘gift’ your wealth to others, and secure the family home.
The tax is not automatically deducted immediately after death – for beneficiaries there are also ways to avoid or reduce IHT from a deceased individual’s estate, if services are sought within two years from the date of the death.