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Wills, Trusts & Tax Planning – Inheritance Tax

On death if the value of your estate is worth more than the tax free allowance, known as the nil-rate band, Inheritance Tax (IHT) will be charged at the rate of 40% on the excess over the nil-rate band. Currently the nil-rate band is £325,000.

We can advise you on the IHT implications on your death and advise on any lifetime IHT planning you may like to consider to reduce the IHT payable on your death.

Transfers between spouses and civil partners are exempt from IHT but it has been the practice in the past to make sure the nil-rate band is utilised on the first death by way of a trust or outright legacy to prevent an increased IHT liability on the second death. Although there is now the Transferable nil-rate band so it is possible for the surviving spouse or civil partner to utilise the nil-rate band not used on the first death, we can advise you on the circumstances when a trust or legacy should still be used in your Will.

There is also now a Residence nil-rate band which provides an additional IHT allowance in respect of a property if certain conditions are met. We can advise whether this is relevant to your personal circumstances.

Certain assets that you own may not be subject to IHT on your death or if you give them away during your life if they qualify for Business Property Relief or Agricultural Property Relief. We can advise you how to maximise these valuable reliefs.

For further information or advice, please contact Alison Hall, or call 0191 232 8345.


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