Estate and inheritance tax planning can be a tough task to do on your own. Our talented tax solicitors can advise you to ensure your assets and estate are inheritance tax-efficient so that your loved ones can get the most out of your wealth.
Inheritance tax (IHT) is tax incurred on the estate of the deceased party. The current inheritance tax threshold is £325,000, but this nil rate band can be altered depending on the value of the estate and the beneficiaries. The standard IHT rate is 40% – which is charged on the part of your estate that’s above the threshold.
It takes careful planning and tact to execute a solid IHT plan.
Our dedicated lawyers can help you make the most out of the tax reliefs and allowances to maximise the inheritance you pass onto your heirs.
Learn More: Tax Threshold & The Nil Rate Bands
IHT laws are constantly changing and there are many ways we can help you preserve your wealth and properties to pass on to your loved ones. We are highly equipped in dealing with complex estate planning cases, solving Inheritance dispute and work quickly on our feet to provide a seamless service for every circumstance.
Whether you’re looking to reorganise your Will to exempt tax, transfer tax-free allowances to spouses or civil partners, or appeal an IHT decision, our lawyers offer infallible solutions to your concerns
Shortlands is a boutique family law firm with over 20 years of experience in dealing with the trials and tribulations of a divorce and all family law matters. As a result, we have become the first choice of family law specialists in London.
Our professional and highly experienced team of family lawyers can assist you in your legal matters with full respect, ensuring you maintain a private family life. For more extensive advice and information, please email info@shortlands.co.uk or call us 02076299905 or book an initial online consultation.
Inheritance tax (IHT) is a tax on the estate of someone who has died, including their property, money, and possessions. You only have to pay it if the estate is over a certain threshold – currently £325,000 in the UK. Spouses and civil partners are usually exempt, and there are also legal ways to reduce the amount of tax. Our experienced team will be able to advise you on how best to plan and protect your estate against inheritance tax.
The standard rate is 40% on the part of the estate above the threshold. However, there are exemptions and allowances that can reduce the amount due, such as gifts to charity or passing on your home to children or grandchildren. Many families can minimise what they owe with careful planning. Our solicitors can guide you through the options and structure your estate in the most efficient way possible.
It is possible to reduce inheritance tax legally but not always avoid it completely. Strategies include lifetime gifts, trusts, and charitable donations. Planning in advance ensures your wealth goes to your intended beneficiaries, not tax. We can advise on suitable strategies for your circumstances.
Yes, a valid will is crucial for inheritance tax planning. It allows you to name beneficiaries and potentially reduce tax using trusts or other methods. Without a will, your estate may be distributed by default rules and incur higher tax. Professional advice ensures your will is effective and legally compliant.
Some gifts are tax-free, but larger gifts may still be considered part of your estate if given within seven years of your death. Gifts to spouses or charities are usually exempt. Planning the timing and structure of gifts can reduce inheritance tax significantly. Our team can help you understand which gifts are safe and how to plan them effectively.
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