Wills, Estates & Trusts

Inheritance Tax

Would you like to save on Inheritance Tax?

The current threshold for inheritance tax is £312,000; this is called the ‘nil rate band’. If the value of your estate is over this amount it will be liable for inheritance tax at the current rate of 40%.
With recent increases in house prices this has brought many people into the fold of potential inheritance tax payers but there are strategies available which can help to minimise your tax liability.
Married couples have an exemption from inheritance tax for transfers of assets between themselves. Each partner however, qualifies for their own nil rate band and the key to reducing inheritance tax liability is the use of both of these thresholds – meaning that it is possible to avoid paying tax on £624,000 of total assets.

In practice this may not be as simple as it sounds and may require a very special type of Will to be drawn up. However this is a relatively inexpensive process and is very cost effective in the long term.

Graysons solicitors offer a Will service for married couples which can reduce the amount of inheritance tax payable. Simply by taking expert advice from a solicitor and having the right sort of Will drawn up you could save your beneficiaries a fortune in taxes.

A word of caution. If you have the wrong type of Will all the tax benefits could be lost.

This is a highly specialised area of law and it is necessary to seek expert advice from a solicitor who has experience in this field.

Contact Graysons solicitors today for your FREE no obligation consultation where we will be happy to explain this scheme in greater detail.

Contact us for a consultation or follow the links for more information.

Read David Coffey's newspaper article about Inheritance Tax Planning