Inheritance Tax is the tax your estate may have to pay on the value of your assets when you die.
Your estate does not pay any Inheritance Tax on assets up to the value of £325,000. Your estate would be completely exempt from Inheritance Tax if you are passing assets to your spouse or a charity. Certain types of business and agricultural assets may qualify for relief from Inheritance Tax. Otherwise, the value of your assets over £325,000 is taxed at 40%.
Gifts that you make and trusts that you have set-up during your lifetime can reduce the £325,000 allowance.
In addition to the allowance of £325,000, there is a further allowance of £100,000 for property passed to direct descendants. This figure is set to rise to £175,000 by 2020.
Understanding and planning your finances around Inheritance Tax could conceivably save your family thousands, if not hundreds of thousands of pounds. However, so-called Inheritance Tax planning can be complex, and it’s important you always remain within the boundaries of the frequently-changing laws in this area.
For effective Inheritance Tax planning advice, contact one of our Wills and Probate experts below.
We are proud to support Dementia Friends, a social action movement which aims to transform the way the nation thinks, acts and talks about dementia.
Back to Private Client and Wills & Probate
If you're interested in our services, contact our specialist solicitors directly, or call us on 01283 531366.Enquire Online
99% of our customers would recommend us to family & friends
Particular thanks to Maria Pusey who was friendly, helpful, thorough and professional.
Very satisfied with the service and advice give. Thank you.
I’m very pleased with all the advice and guidance I had from Sarah. Thank you.
Professional kind and understanding at a difficult time.
Made process simple and easy. Thank you.
Jean Paterson and Sarah Nash were excellent – more than satisfied and beyond.
Michael has always been very helpful and I thank him
Mr Levy was informative throughout.
Already have used the services of other members of the team. Had a good understanding of our situation.
We were very pleased with your advice and help.
Solicitor and Registered Trust and Estate Practitioner (TEP): Head of Wills, Inheritance Tax, Probate & Trusts
Astle Paterson, Clay House,
5 Horninglow Street, Burton upon Trent
Staffordshire DE14 1NG
Tel . 01283 531366
Book an appointmentBurton on Trent | Uttoxeter
Business & Commercial • Conveyancing • Family • Litigation • Wills, Inheritance Tax & Probate • Employment