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Inheritance Tax, if not carefully accounted for in your financial and later life planning, can significantly reduce the value of the assets you wish to pass on to your chosen beneficiaries.

Fortunately, there are a variety of exemptions and reliefs which can help to counter or reduce tax, maximising benefit to your loved ones.

Our Inheritance Solicitors are experts in advising how best to plan your estate and can explain the various options available to you to help reduce the impact of Inheritance Tax.

Our Inheritance Tax Solicitors can advise you about:

Planning using your Will

A Life interest trust, which can be set up in your Will, leaves assets on trust for life to your spouse, then on their death to any children. Effective for Inheritance Tax purposes, these trusts also ensure that assets are not only protected to pass to the children, but also safeguarded from assessment for your spouse’s care home if deemed necessary in the future.

Nil Band Rates

If you are married or in a civil partnership, any percentage of your Nil Rate Band (the amount of capital allowed before Inheritance Tax applies) not used on your death can be transferred to your spouse or civil partner. Therefore, as a gift to a spouse or civil partner is exempt from Inheritance Tax, leaving the whole of your estate to them means your full Nil Rate Band would be unused, so your surviving spouse’s own Nil Rate Band will be doubled.

Business and Agricultural Property Relief

If business or agricultural property forms part of your estate, careful planning can ensure that a relief of up to 100% is available on these assets. However, ‘business’ and ‘agricultural’ property is specifically defined, and there are certain restrictions and conditions so it’s important to seek advice to find out if you qualify.

Exempt Beneficiaries

Both gifts left to a spouse or a civil partner and those made to charities are exempt from Inheritance Tax.

Lifetime Planning

Certain financial products can remove capital from your estate whilst providing an income.

Choosing Langleys Inheritance Tax Solicitors gives you

  • Sound legal and financial advice, helping you protect and maximise your assets
  • Access to a broad range of legal services for your business and family needs
  • Friendly and responsive communication, free from jargon

How can we help?

Wherever you are, whatever your requirements, we’re here to help. Please complete the enquiry form and we’ll be in touch as soon as possible.

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