Are you thinking about Inheritance Tax?

How much is Inheritance Tax?

Inheritance Tax (IHT) is usually charged at 40% on any part of your estate that exceeds the nil rate band. The nil rate band is your personal allowance for passing on assets – it is currently £325,000 per person. You also have a £100,000 personal allowance for passing on the family home – this is called the residence nil rate band.

How can estate planning help?

Estate planning involves taking action to reduce your potential Inheritance Tax bill and pass on more of your assets to the people you want. There are many estate planning strategies to take advantage of – from simply giving away your assets to setting up an insurance policy that will pay out a lump sum when you die (to cover the IHT bill).

Professional advice can make all the difference

Our experts spend their days helping people with Inheritance Tax and estate planning. Some of the most common issues they help with are:

• Forecasting your future to see if you’ll leave an Inheritance Tax bill
• Finding out how much you can afford to give away without affecting your lifestyle
• Making gifts while keeping control over how and when the money is spent
• Other ways to manage an Inheritance Tax bill, such as setting up life insurance

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The importance of a Will

Like many people, you may want to make financial gifts in your lifetime. But the only way to ensure your wishes come to fruition after you pass is by having a Will. The wording on your Will can also affect whether or not your estate will be eligible for the residence nil rate band.

We can review your Will to make sure it reflects your plans and see whether there are any areas for improvement. We can put you in touch with a specialist who can help you make any changes, or even help you write it.

Speak to an expert

Whether you know you’re on course to leave an Inheritance Tax bill or you just want to make sure you’re doing all you can, you may benefit from speaking to our experts. Your first conversation will be free of charge – it’s simply an opportunity to find out if we could help you.

Of course there will be a fee if you choose to proceed with the service, but we often find that the potential Inheritance Tax savings can be huge in comparison to the cost of the advice.

For more information on Inheritance Tax or to book an initial consultation with our experts, please get in touch. Just call us on 020 7189 2400 or email contact@tilney.co.uk.