Inheritance Tax

Losing a family member is never easy, and the last thing you will want to worry about is the inheritance tax liability in such an event.

Should that circumstance arise, it is very important that you are aware of your rights so you can prepare your family for the future ahead.

What is inheritance tax?

Inheritance tax is a tax levied on the transfer of an individual’s estate on his/her death to non-exempt beneficiaries (subject to a nil rate band).

Inheritance tax is usually paid on a property when somebody dies or sometimes payable on trusts and gifts if made within 7 years of the individual's death.

Some estates do not have to pay inheritance tax. This applies if an estate is not worth over £325,000 (gifts and trusts included), or in some certain circumstances, £500,000.

The rate of inheritance tax is a penal 40%.

Our estate planning service includes:

  • Help with drawing up and reviewing your will
  • Making full use of exemptions and lower tax rates on lifetime transfers
  • Optimising lifetime transfers between spouses
  • Matters relating to agricultural or business property
  • Transferring assets into trust.

If you would like to know more about this service, please do get in contact with one of our partners on +44 (0)20 8861 7575.

If you prefer, please complete the form on the right and we’ll call you straight back within 24 hours) and answer any questions you may have.

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2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex HA1 1BE

We are a member firm of the Institute of Chartered Accountants of England & Wales (ICAEW). Registered to carry on audit work in the UK and Ireland. Our Insurer is Manchester Underwriting Management, Centennium Court/East St, Chesham HP5 1DG (worldwide, excluding North America). Also an independent member of GGI, a multidisciplinary worldwide association of accountants, tax consultants & solicitors.