Inheritance Tax Solicitors | Tax and Trusts | Irwin Mitchell

Our Inheritance Tax Solicitors can help you maximise the amount you leave to your loved ones.

Inheritance Tax is a tax paid on your property and belongings (estate) when you die. It has to be paid before probate is granted and the inheritance is released. With tax charged at 40% on estates worth more than £325,000 (in the 2013-14 tax year), Inheritance Tax can take a sizeable slice out of the wealth you wish to leave your family.

Your estate, for Inheritance Tax purposes includes:

  • Your home and any other properties you own
  • Your possessions
  • Bank and Building Society accounts
  • Investments
  • ISAs
  • Insurance policies not paid out under trust arrangements

How We Can Help You Reduce Inheritance Tax On Your Estate

There are many ways we can help minimise the tax payable on your death. For example, simply having a life insurance policy set up to pay to a Trust, rather than to your estate, can make a huge difference. Similarly, leaving a portion of your estate to a UK charity in your Will can help reduce the tax burden.

Our Inheritance Tax Solicitors provide expert advice on the following:

  • Making gifts (if you make a gift and die within 7 years of making it, there may be Inheritance Tax to pay. These gifts are called “potentially exempt transfers”)
  • Structuring Wills to minimise Inheritance Tax
  • Trusts
  • Business succession planning. One of the most valuable Inheritance Tax reliefs is Business Property Relief, which allows qualifying business assets to be passed to the next generation free of Inheritance Tax. Careful planning can ensure that this relief is preserved, as, in certain circumstances, it could be lost. • Restructuring your inheritance plans following a marriage, or a divorce
  • Structuring your affairs to make the most of reliefs
  • Investments with favourable Inheritance Tax treatment
  • Deeds of variation (where a will, or part of it, can be varied after death in order to save Inheritance Tax)

Call Us On 0370 1500 100 To Find Out More

Get in touch with one of our tax specialists, for a no obligation discussion about the impact of Inheritance Tax on the legacy you wish to leave. Call us on 0370 1500 100, or have us call you back. You can also send us an email and we’ll come back to you.

0370 1500 100