If someone dies intestate, that is without a valid will, or someone does not take inheritance tax advice when their will is drafted, a higher than necessary tax bill could be the result.

When someone dies, inheritance tax (IHT) is charged on certain assets, at 40 per cent over what’s known as the ‘nil-rate’ band. The nil-rate band is set by government budgets and the threshold may not include main residences where the tax thresholds are set to increase until 2020.

It is worth remembering that there are lots of ways people can mitigate their exposure to IHT. These include such measures as using up the annual exemptions for gifts, structuring a will to make the best use of tax relief on certain assets (such as agricultural or business property), and ensuring that other exemptions and reliefs are fully utilised and not lost.

We provide advice on how individuals can maximise the current exemptions in place for Inheritance Tax through their will structure. This includes advice upon the new Residence Nil Rate band legislation phased in from April 2017.

We also offer advice around the use of Trusts in lifetime to maximise exemptions for Inheritance Tax.

Your team in this field

Jane Gray
My experience involves wills and trust planning for clients, often with significant capita...
Senior Solicitor, Wills & Probate
Theo Hoppen
First-rate client care is very important to me and I am mindful from the beginning about m...
Senior Solicitor, Harrogate
Wendy Scarr
I guide clients through the process of will making, often when there are complex or diffic...
Senior Solicitor, Wills & Probate
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