Inheritance tax

Plan in advance for peace of mind

Pass on more of your wealth to future generations

Inheritance tax (IHT) is generally paid when someone has passed away. Lifetime gifts must also be considered and IHT can be payable in your lifetime. This is especially relevant when making gifts into trusts.

IHT is based on the market value of your estate when you pass away. Any gifts within seven years of death must also be considered. The current rate of IHT is 40% after deducting any available allowances and reliefs such as the nil rate band of £325,000.

IHT is often thought to be a tax only for the wealthy. However, high rates of inflation without increasing allowances has meant that more and more people are subject to IHT.

All under one roof…

Together with our advisors at Francis Clark Financial Planning, we can create a tax efficient plan that provides security for you and your family’s future.

What is the inheritance tax nil rate band? 

The nil rate band (allowance for IHT) has been frozen since 6 April 2009, meaning more people are paying IHT when they pass away. However, an additional allowance called the residence nil rate band was introduced on 6 April 2017. This applies where an individual leaves their residence to a direct descendant.

The application of the residence nil rate band is complex, and consideration must be given to will preparation. Furthermore, the allowance is tapered for estates over £2 million.

Specialist inheritance tax advice

There are many aspects to consider when providing IHT advice, and each person’s circumstances are unique. Our IHT experts can assist you with tax efficient succession planning. This becomes even more effective when working together with our independent financial advisors at Francis Clark Financial Planning.

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What might you need to know about inheritance tax?

We’re here to answer the tricky questions. Our team includes 12 private client Chartered Tax Advisors  and five private client trust and estate practitioners.

  • We'll help you understand the intricacies of IHT regulations 

  • Guide you on the implications for lifetime gifts 

  • Advise business owners on using business property relief to reduce IHT liability

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Meet the inheritance tax team

Looking for a joined up approach to inheritance tax and financial planning?

Our chartered accountants and chartered financial planners work together to give you the holistic advice you need.