Tax planning

Inheritance tax is typically a tax on death, which is viewed by many as an unfair tax on those who have built up wealth during their lifetime.

Broadly speaking, inheritance tax is payable at 40% on the portion of the deceased's estate that exceeds £325,000 (fixed until 2015). Rising house prices over previous years have pushed many more people over this threshold, making Inheritance tax planning more important than ever before.

It is worth noting that transfers between husbands, wives and registered civil partners, as well as certain other assets (such as interests in trading businesses), are normally exempt from inheritance tax.

At Weightmans our dedicated and experienced tax planning team is able to help you reduce their inheritance tax liability.

The simplest way to do this is to give away all property that falls outside this threshold. However, understanding that this may not be practical for those who want to keep living in their family home, or want to spend some their hard-earned savings, we help clients achieve the right balance and make significant inheritance tax savings along the way.

At Weightmans, our tax planning team are also committed to ensuring your estates are not only financially suitable, but are tax efficient too. As such we are also able to advise on Capital Gains Tax (CGT). Payable on the transfer of any assets that have increased in value, it’s important to take CGT into account when carrying out inheritance tax planning. Our team can offer advice to help you carry out your plans and keep your tax liability to a minimum.

Contact a member of our tax planning team for further information.

Find out more about how Wills and trusts, can also help maximise your inheritance tax planning.

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