Inheritance Tax
Specialist legal advice for effective inheritance tax planning
Inheritance tax (IHT) is payable on estates worth more than £325,000.
Anything below this is known as the nil-rate band and is not subject to tax. Inheritance tax is currently charged at 40% of the value of your estate which exceeds the nil-rate band.
As of April 2017 an additional £100,000 nil-rate band was introduced, which increased each year until 2020/2021 to reach £175,000 to give a combined nil-rate band of £500,000 for individuals and a combined £1 million for married couples and civil partners. This extra nil-rate band only applies if you pass your property to direct lineal descendants.
At Rothera Bray we understand that when you have worked hard to build up your estate and assets you want to hold on to this wealth to pass on to future generations. Our private client team will work closely with you to provide tailored solutions to minimise the amount of inheritance tax you have to pay.
The rules surrounding inheritance tax relief and exemptions are not easy to navigate but we can advise you on the best strategies for making the most of your wealth.
Why use Rothera Bray for minimising the amount of inheritance tax?
- We get to know you and your individual circumstances so we can provide you with the best options for minimising IHT based on your wealth, assets, who will benefit from your estate and what finances you require.
- We can draw on the experience of our Wills, Probate, Property and Family Law teams where necessary.
- We have a network of independent financial advisors we work closely with who we can refer you to for financial advice.
- We can advise you on drafting or updating wills or trusts to take advantage of IHT relief.
- We can advise you on lifetime gifting to minimise the size of your estate and the amount of IHT liable.
- We can advise you on IHT relief where you have a trading business or agricultural business or property.
- We can advise you on making gifts to charity or leaving a percentage of your estate to charity to reduce the IHT rate.
- We can advise you on transferring money between spouses or civil partners, which are exempt from IHT.
Our experienced, specialist team can advise you on how to minimise inheritance tax payments.
