Inheritance Tax and Estate Planning
Our specialist estate planning solicitors can help you plan your estate's inheritance tax to ensure your family and loved ones are properly looked after.
Inheritance tax (IHT) is charged on your death at the rate of 40% based on the value of your assets. This 40% rate is only charged on any value exceeding the nil rate band. The nil rate band (£325,000 in the tax year 2016-17) is the amount which is chargeable to IHT at the rate of 0%. From 6 April 2017, an additional residence nil rate band (RNRB) applies so that less IHT may be paid when the family home is left to children, grandchildren and some other individuals.
The terms of your will can affect the ability to claim the RNRB. Therefore, it is important to review your will now (or make one if you have not already done so) to make sure that your family can claim the RNRB when you or your spouse or civil partner die.
For more information contact a member of the team via the Enquiry form or call 01633 413500.