Inheritance tax is the tax paid on assets that are left when someone dies. It could have an impact on your estate if the total value of your assets, less the total value of all of your debt, is greater than the inheritance tax threshold. The number this sum produces is known as your net estate value. The tax threshold at which your estate may bear inheritance tax is currently £325,000. It is payable at a flat rate of 40% on the value of your net estate on your death on sums that are over this threshold. Our team of inheritance tax planning solicitors can help you plan ahead to ensure that you explore all the potential qualifying tax reliefs and tax exemptions that may be available to you and your family, and minimise the impact of this tax on your estate.
Every person’s situation is different, which is why we provide a comprehensive tax service which is tailored to you, including:
- Capital gains tax planning
- Lifetime gifts
- Inheritance tax planning
- Planning for care home fees
- Tax implications of marriage and divorce
- Tax residence
In 2017 we received the Law Society’s prestigious Excellence in Private Client Practice award for our work in this area of law.
We offer fixed-fee packages and other pricing options to suit your needs, and are happy to have an initial chat without obligation – contact us today.