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Inheritance tax

Inheritance tax is charged at 40% on the value of the deceased’s estate on death including the value of certain gifts made by the deceased up to seven years before death. Without a professionally drafted will and estate planning advice, your estate could be substantially diminished for your beneficiaries.

For the present tax year the first £325,000 of your estate is exempt. This is known as the ‘nil rate band’ or the inheritance tax threshold. The balance of the deceased’s estate above the nil rate band is taxable at 40%.

Married couples or those in a civil partnership each have a £325,000 exemption that can be transferred to the survivor on death. Unmarried couples or cohabitees cannot transfer an unused nil rate band in this way.

There are a number of exemptions from inheritance tax including a legacy to your spouse, a charity or a political party.

We can prepare tax-efficient wills and advise executors on inheritance tax that maybe payable on an estate. We can also advise on post-death planning to reduce inheritance tax by preparing Deeds of Variation (also known as `Deeds of Family Arrangement`) to vary the terms of the will to reduce or avoid inheritance tax.

Areas of specialism:

  • Inheritance tax
  • Inheritance tax planning
  • Avoiding inheritance tax
  • Using exemptions and reliefs
  • Lifetime planning
  • Tax returns
  • Deeds of variation

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