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At Slater and Gordon our specialist inheritance tax solicitors have both the breadth and depth of knowledge and experience in handling inheritance tax matters. Their expertise will help you make the most of the assets you leave to your loved ones. For expert inheritance tax advice speak to one of our team on Freephone 0800 916 9056 or contact us online.
If your estate is worth more than £325,000 when you die then it will generally be subject to inheritance tax. There are some exemptions to this including those surrounding your personal finances and circumstances. Our specialist solicitors can advise you on how to best structure your estate to enhance what your beneficiaries will receive.
At present, the first £325,000 of your estate is not subject to inheritance tax; this is known as the nil rate band. Inheritance tax is charged at the rate of 40% on the value of your estate in excess of the nil rate band.
There are a number of valuable tax planning exemptions and reliefs available to help you which can maximise what is left in your estate. Our team can advise you which you may be able to apply in your case to make the most of your estate.
We can advise you on the best way to structure your will to take full advantage of these exemptions.
Transfers between spouses and registered civil partners who permanently live in the UK are exempt from inheritance tax. If your spouse or civil partner dies without making full use of their nil rate band then you can apply to transfer their unused proportion to your estate.
Gifts to charity are also exempt from inheritance tax. If you choose to leave 10% of your estate to charity then you can take advantage of a reduced rate of inheritance tax (from 40% down to 36%).
If you have a trading business or agricultural property then you may be able to take advantage of inheritance tax reliefs that apply for these types of assets.
We can also advise you on the exemptions available during your lifetime to reduce the size of your estate on your death and thus your estate’s exposure to inheritance tax. For example, every person is allowed to give away £3,000 a year as well as small gifts of £250 a year to any individual.
Our expert solicitors can provide you with tailored inheritance tax advice to suit your needs and help you take advantage of the exemptions available to reduce your tax liability and maximise your estate.
Call our inheritance tax solicitors on freephone 0800 916 9056 or contact us online.