Inheritance Tax

Although the Government recently announced a £1m Inheritance Tax free amount for a married couple, it is not as straightforward as that.  The Inheritance Tax free amount for an individual is currently £325,000 and this has not increased for many years. As house prices increase, more people will find themselves having to consider estate planning to reduce the IHT exposure.

The recently announced additional allowance for the family home is being phased in over the coming years and so may not apply to the Estate if death occurs before the rate is fully available.

Our tax team can work with you to assist with estate planning and this may include;

  • Review of assets owned and the potential exposure to Inheritance Tax
  • Review of wills to check if any Inheritance Tax matters arise
  • Advising on planning opportunities to reduce potential exposure to Inheritance Tax
  • Advising on available allowances which allow some of the estate to be passed on during lifetime
  • Assisting with the completion of the relevant Inheritance Tax forms following death
  • Assisting you to find a solicitor to draft your will and to assist to ensure your wishes are carried out