Our services: private clients

Inheritance tax planning

Inheritance tax (IHT), which is paid on estates after the death of the owner, is a complex issue and it is wise to consider this at the same time as you make or update your will.

More and more families, in quite modest homes, have been forced into the IHT bracket, although new measures introduced in October 2007 have eased the burden to some extent.

These new rules, which apply retrospectively, mean that any unused part of the individual nil rate band - £312,000 in 2008-09 - is automatically transferred from the first spouse or civil partner to the other on their death. In most cases the whole estate is left to the survivor, which means that they benefit from a double nil rate band.

However, seeking professional advice is sensible, and we are particularly experienced in working with family businesses and family-run firms, as well as clients with agricultural assets.

Because we make sure that we understand your personal circumstances, we are well placed to advise on and develop solutions for inheritance tax planning. As we deal regularly with HM Revenue & Customs on probate issues, we also have the benefit of practical experience in how IHT legislation is being interpreted.

Our expert team can also advise on a number of options for reducing IHT liability, including the use of trusts.

For more information on how we can help you, please contact us.