Inheritance Tax (IHT)
Wills & Probate
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Inheritance Tax (IHT)
What is Inheritance Tax?
Once a person has passed away and they have an estate worth over £325,000 there is a 40% tax applied.
Are there any exemptions from Inheritance Tax?
There are some circumstances where inheritance tax does not apply:
- If a person leaves their estate to their spouse or civil partner
- Anything left to a charity is exempt, if 10% or more of your estate is left to charity the remaining sum is taxed at a reduced rate of 36%. Ensure to seek legal advice if you want to do this
- Gifts of up to £3,000
How to save on Inheritance Tax?
Reducing the value of your estate during your lifetime by way of gifts can reduce the tax payable, but there are limits on the amount you may gift and you should take legal advice in this regard.
By placing your assets into a trust you are no longer the legal owner of those assets and therefore the value of your estate is reduced, creating inheritance tax savings.
How can we help?
We work closely with Independent Financial Advisors who can advise you on investment-based products that offer tax planning advantages.
To speak to a solicitor regarding Inheritance Tax call us on 9161 798 9000.
