What is Inheritance Tax?

Inheritance Tax is the tax your estate may have to pay on the value of your assets when you die.

How much does my estate have to pay?

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.

What can I do about it?

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.


Inheritance Tax Planning 1

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.

Read more about: Administration of Estates, Inheritance Tax Planning, Lasting Powers of Attorney, Making a Will, Trusts

More Services

Back to Private Client and Wills & Probate

Enquire about Inheritance Tax Planning

If you're interested in our services, contact our specialist solicitors directly, or call us on 01283 531366.

Enquire Online

A service you can trust

99% of our customers would recommend us to family & friends

We were very happy with the level of service provided

Excellent service from start to finish.

Very satisfied.

Professional kind and understanding at a difficult time.

Very good indeed

Particular thanks to Maria Pusey who was friendly, helpful, thorough and professional.

Thank you Mr Levy for the excellent service you and your staff provide.

I have already recommended Astle Paterson on numerous occasions to family and friends and always had positive feedback.

Very helpful people who made sure we understood everything before we signed anything. Thank you.

Helen Vorley, We thank you for the attention you have given to the ‘Lasting Power of Attorney”, for my wife … and myself.

Meet the team  |  Our Private Client and Wills & Probate specialists

More services for

Connect with Astle Paterson

Connect

Book an Appointment
Book an appointment
Burton on Trent Uttoxeter
Astle Paterson Accreditations

Business & Commercial   •   Conveyancing   •   Family   •   Litigation   •   Wills, Inheritance Tax & Probate   •   Employment