At Ringrose Law, we understand that Inheritance tax is a worrying prospect. It could be due when you die, or if you make gifts during your life. Our specialist Wills and Probate solicitors can help you work out when you need to pay Inheritance Tax and if you can claim exemptions to reduce the tax bill.
Inheritance Tax applies to anyone with a net worth of over £325,000 (the current nil rate band). On death the tax is payable on the value of all assets over this nil rate band at 40%.
If you are concerned about inheritance tax planning and would like some further advice specific to your situation, then do not hesitate to contact us. Our specialist team of inheritance tax planning solicitors will take the time to understand and listen to your situation and advise you on the best ways to reduce the amount of inheritance tax you will have to pay.
Contact us today to find out more, we have offices across Lincolnshire & Nottinghamshire in Boston, Grantham, Lincoln, Newark, Sleaford and Spalding.
Inheritance Tax Planning
Transfers between spouses are exempt, so anything left in a Will to a husband or wife will not be taxable. In this situation the problem comes on the second death where all the assets left by the second spouse to die will be taxable after the deduction of the nil-rate band, any reliefs available on agricultural or business assets and any debts payable by their estate. This can mean that the beneficiaries on the second death, often the children, are left with a sizeable Inheritance Tax bill.
Fortunately, provided the parties are married, the unused nil rate band from the first death (or a proportion of it) can be transferred to the survivor. In practice therefore a married couple can get a double allowance, currently equivalent to £650,000.
How to avoid Inheritance Tax
There are other ways of achieving the object of passing assets on to others without benefiting the taxman, including;
- Planning using your Will
- Exemptions and Reliefs
- Lifetime planning
We will be happy to discuss the options with you in more detail.
We can help
For further information on Inheritance Tax Planning, do not hesitate to contact our Wills and Probate Solicitors at our offices in Boston, Grantham, Lincoln, Newark, Sleaford and Spalding.