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Inheritance tax can significantly reduce the wealth you pass to your loved ones, but proper planning can legally minimise or even eliminate your IHT liability. Our specialist inheritance tax solicitors provide expert guidance to protect your family's financial future through effective estate planning strategies.
Current IHT Rules (2024/25):
Lifetime Planning:
Will-Based Planning:
Effective inheritance tax planning can save your family hundreds of thousands in tax while ensuring your wealth transfers according to your wishes.
This information is for general guidance only and does not constitute legal advice. For specific legal advice tailored to your estate planning situation, please consult with a qualified inheritance tax solicitor.
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Find Your SolicitorCommon questions about inheritance tax planning and how our solicitors can help
Inheritance tax (IHT) is charged at 40% on estates exceeding £325,000 (nil-rate band), with an additional £175,000 residence nil-rate band for family homes. Combined, couples can pass up to £1 million tax-free. IHT is payable on death and on certain lifetime transfers. Professional planning can legally minimise or eliminate IHT liability.
Legal IHT reduction strategies include: utilising annual gift exemptions (£3,000 per year), making potentially exempt transfers with seven-year survival, using business property relief and agricultural relief, charitable giving (reducing rate to 36%), trust planning, and maximising nil-rate band usage. Professional advice ensures optimal planning for your circumstances.
Main IHT reliefs include: business property relief (up to 100% for qualifying businesses), agricultural property relief (up to 100% for farms), spouse exemption (unlimited transfers between spouses), charity exemption (100% relief for charitable gifts), and annual exemptions. Professional advice ensures you qualify for and maximise available reliefs.
Trusts can be highly effective for IHT planning, allowing you to: remove assets from your estate while retaining some control, provide for beneficiaries while preserving capital, utilise multiple nil-rate bands, and create flexible structures for changing circumstances. However, trust taxation is complex, requiring professional advice to ensure effectiveness and compliance.
The seven-year rule applies to potentially exempt transfers (PETs) - gifts to individuals that become exempt if you survive seven years. If you die within seven years, IHT may be payable on a sliding scale: years 0-3 (40%), years 3-4 (32%), years 4-5 (24%), years 5-6 (16%), years 6-7 (8%). Professional planning optimises the timing and structure of gifts.
Yes, family business IHT planning can be very effective using business property relief, which provides up to 100% IHT relief for qualifying business assets. This includes shares in trading companies and business property. Professional planning ensures your business qualifies for relief and structures succession to maximise tax efficiency while preserving business continuity.
Start IHT planning as early as possible, ideally in your 50s or when your estate approaches the IHT threshold. Early planning allows maximum use of exemptions, time for gifts to become potentially exempt, and flexibility to adapt strategies. However, it's never too late to start - even last-minute planning can achieve significant savings with professional advice.
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