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Inheritance Tax & Estate Planning

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Inheritance Tax & Estate Planning

Inheritance Tax (IHT) represents a serious threat to an increasing number of Estates here in London and the Home Counties.

It is a tax levied on the transfer of an individual’s Estate on their death to non-exempt beneficiaries (subject to a Nil Rate Band).

IHT is usually paid on a property when somebody dies, although it is also sometimes payable on trusts and gifts which are made within seven years of the individual’s death.

As long as the value of your estate is not above £325,000 (inclusive of gifts and trusts), you will not be faced with the 40% IHT on any sums exceeding this threshold.

As the Nil Rate Band is transferable between spouses, couples can protect up to £650,000 of their estate from IHT on the death of the second spouse.

There is an additional allowance called the Residence Nil Rate Band which by the time it is fully phased in (April 2020) will be worth a further £175,000 per individual.

As with the Nil Rate Band, it is transferable between spouses but this allowance applies only if you have owned a house and have children.

We will assess the scope for potential IHT and the availability of exemptions and reliefs to ensure you can pass on as much of your accumulated wealth as possible.

Contact us to arrange an appointment with one of our IHT and Estate Planning specialists.





    Cathy Rouse is a specialist in Inheritance Tax and strategic tax planning. Hear how she approaches these vital tasks.

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