Inheritance Tax & Trusts

Inheritance Tax is concerning for many people but with the right planning and advice it can be greatly reduced or even eliminated, enabling your family to gain a larger share of your estate.

For your 2020/21 Inheritance Tax planning guide including things to consider during Covid-19 lockdown, click here.

For a free initial meeting to discuss how we can help you contact us online or call us on T: 023 9248 4356T: 023 9248 4356


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How to plan for inheritance tax?

If your assets exceed £325,000 (including gifts made during the last 7 years), the remainder of your estate could be subject to 40% inheritance tax.

It is important to evaluate all of your options and ensure that the plan you have will be effective and recognised by HMRC. The best way to ensure this is to gain professional advice.

If you received professional advice a long time ago it is often worth reviewing your arrangements to ensure the tax strategy you have in place is still appropriate for your current circumstances and future plans.  An ideal time to assess your tax planning arrangements is at the end of each tax year or if there has been a substantial change to your financial position.

Residence Nil Rate Band (RNRB)

More people are becoming affected by inheritance tax as property prices increase.  In response to this the government introduced an additional threshold known as the Residence Nil Rate Band.

Find out how the Residence Nil Rate Band Works here

Lifetime Gifts

Small gifts made from your normal income, such as Christmas or birthday presents, are usually “exempt” from inheritance tax. However, the recipients of gifts will be charged inheritance tax if you give away more than £325,000 in the 7 years before your death.

Find out more about lifetime gifts here

Where there's a Will ...


Too many people put off making a will until it is too late.  With our detailed knowledge of tax planning, we are able to liaise with legal professionals to ensure that your will is written effectively to protect your assets and save inheritance tax.

Please see our guide on how to plan and make a legally valid will.

You might also be interested in our guide to trusts and passing on wealth

If you would like to discuss the best way of arranging your family finances for the long-term please contact Duncan Gardner, Lesley Cook or Paula Parry or call us on 023 9248 4356.

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