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Inheritance Tax (IHT) Planning
Inheritance Tax is a tax levied following someone's death (although there can be cases where it is payable on lifetime gifts). However, there are instances, such as Discretionary Trusts, where the tax is charged on an on-going basis. On death, Inheritance Tax is currently charged at 40% on all assets in someone's estate.
At Harvey Ingram, our inheritance tax solicitors can advise you on the reliefs and exemptions, the most simple of which are:
| Nil Rate Band |
Each individual is entitled to make gifts up to £325,000 before Inheritance Tax becomes chargeable |
| Spouse Exemption |
Any assets passing between spouses are free from Inheritance Tax |
| Transferable Nil Rate Band |
If you are a widow or widower you may be able to claim up to twice the Nil Rate Band |
| Annual Exemption |
Each individual may gift £3,000 in each tax year without any charge to tax |
There are other more complex reliefs such as:
- Business Property Relief
- Agricultural Property Relief
- Woodlands Relief
- Normal gifts out of Income
Our specialist inheritance tax planning lawyers can advise you on:
- Calculating and mitigating your Inheritance Tax liability
- Drafting a tax efficient Will
- Submitting any necessary Inheritance Tax Returns during life or on death
- Maximising the benefit of all reliefs and benefits
Contact Us - Inheritance Tax
For more information on inheritance tax planning, please contact, please contact one of our inheritance tax planning lawyers.
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