Inheritance Tax is payable on any Estate valued over £325,000 (£650,000 for married couples and civil partners) and is charged at 40% on all your assets over and above this threshold. It can include things like property, possessions, insurance policies and investments.
As Inheritance Tax is a very complex area of law it is important you seek the advice of a specialist to assess the value of your estate and any potential tax charges that may apply. However with carefully considered planning, you can reduce the tax burden.
Our Private Client lawyers can create tax efficient Wills and Trusts, protecting your wealth and transferring maximum gain to your intended beneficiaries. We can provide all the advice you need and can implement various strategies to protect your estate including:
- Intricate Will structures to include property and discretionary trusts
- UK and offshore tax planning
- International tax and succession planning
- Advice on efficient use of annual exemption allowances
- Lifetime gifts to trusts and individuals
- Nil Rate Band Planning
- Agricultural property
- Business Assets
- Personal Tax