Inheritance Tax
Our dedicated Inheritance Tax Solicitors are experts in the field, and will be on your side and by your side to ensure that you receive straightforward and effective legal advice, suited to your needs.
Effective Inheritance Tax planning ensures your loved ones benefit as much as possible from your assets, property and wealth when you pass away. Our Inheritance Tax Planning Solicitors are specialists in their field, and you can explore your best options by consulting them and allowing them to guide you through the process carefully and efficiently.
If you have significant assets, particularly business or overseas assets, you’ll want to ensure your wealth passes on to the next generation without incurring unnecessary Inheritance Tax charges.
The first £325,000 of your estate—known as the ‘nil rate band’—can be passed on tax-free. If you own your home, the allowance you can pass on Inheritance Tax-free increases by £175,000 or a total of £500,000 (fixed until 2026). Anything over and above that will be liable to 40% Inheritance Tax. Exemptions include anything you leave to your spouse or civil partner and specific property and business reliefs.
It’s essential to take the time now to arrange your financial affairs; this includes using any reliefs or allowances to maximum advantage and managing your wealth using trusts and Inheritance Tax planning tools such as lifetime gifts, potentially exempt transfers (PETs) and trusts. Doing so can help you leave a lasting legacy, protecting future generations.
We specialise in giving Inheritance Tax planning advice to individuals subject to Inheritance Tax, such as high-net-worth individuals, entrepreneurs and property investors. With Rowlinsons’ Inheritance Tax solicitors, you get expert legal advice so you can effectively plan your estate’s Inheritance Tax.
We can provide clear, direct advice on issues including:
Our Inheritance Tax lawyers have many years of experience helping individuals and their families across England and Wales plan for their passing or that of a loved one. Our expertise in this area has gained us the Excellence in Private Client Award from the National Law Society in 2018. Rowlinsons Solicitors also received Highly Commended in the Boutique Private Client Team of the Year category at the British Wills and Probate Awards 2023.
Our team includes some of the most prominent and renowned Wills, trusts and estate planning solicitors in Cheshire and members of the Society of Trust and Estate Practitioners, further reflecting our technical know-how and expertise in this specialist area of law.
The amount of Inheritance Tax chargeable on your estate after you pass away can significantly impact the value of the assets your loved ones inherit. It is crucial to understand the rules around Inheritance Tax so you can potentially mitigate this.
Efficient planning reduces the Inheritance Tax liability on your estate when you pass away, so more goes to your beneficiaries and less to the tax man.
Inheritance Tax law is a dynamic area of law, and the rules can change, so it’s vital to have a plan and ensure it’s up to date.
To make an appointment please call 01928 735 333 or click here for a call back.
With careful planning using different options, you can reduce the value of your estate that will be liable for tax while ensuring your beneficiaries can benefit from your wealth. Options include:
One of the most obvious ways of reducing your estate for Inheritance Tax purposes is to make lifetime gifts of money, property or other assets. However, there are rules around how much of your estate you can give away tax-free.
If you’re married or in a civil partnership, you may gift your partner any sum you like, provided your partner resides in the UK. To anyone else, you can give a total of £3,000 away annually (known as the annual exemption). You can also give as many smaller gifts of £250 as you like, so long as you haven’t used up your allowance for that person.
Wedding gifts are exempt, with the rules being £5,000 for a child, £3,250 for a grandchild, and £1,000 for anyone else.
Greater gifts over the annual exemption (PETs) may be subject to Inheritance Tax if you die within seven years of making the gift. These will be free from Inheritance Tax if you survive seven years from making the gift.
A trust arrangement is an Inheritance Tax planning tool that allows you to leave part of your estate to a beneficiary or beneficiaries. Instead of gifting your beneficiaries their inheritance while you’re alive, you place the assets into a trust for them to receive later. The benefit is that you have more control over your money than if you simply gave it away. Depending on the trust’s governing rules, this can immediately protect part of your estate from Inheritance Tax.
Several types of trusts can help with Inheritance Tax planning, including gift and loan trusts and discounted gift trusts. Each arrangement has different advantages and disadvantages. All types aim to protect property or financially support children, with trustees overseeing their management.
The trust is typically structured in one of two ways:
You can take out a life insurance premium and put it into a trust so that on your death, the proceeds will be paid directly to your beneficiaries and won’t be included in your estate. This money can help to mitigate any Inheritance Tax due on the estate.
Anything you leave to charity or a political party in your will is excluded from your estate for Inheritance Tax purposes. Therefore, you can support a cause close to your heart while reducing the charge of Inheritance Tax on your estate. You could even set up a charitable trust in your name and leave behind a legacy which helps support a worthy cause.
You can keep your home in the family by handing it over to your children while you’re still alive, but you must be aware that there are rules to stop you from simply gifting your home to avoid Inheritance Tax. You will have to sell your home to them at the current market value and pay them the current market value in rent if you want to remain living there; otherwise, it will be classed as a gift with reservation of benefit and may count in full for Inheritance Tax.
You can give away assets during your lifetime, but if you try to dispose of assets to exclude them from your estate for Inheritance Tax, you may still be liable for Inheritance Tax (this includes lifetime gifts over £3,000). Rules on lifetime gifts are complicated, so you should seek expert legal and financial advice.
Rowlinsons can help you understand your options to effectively manage your wealth to benefit future generations without being charged more than necessary.
Inheritance Tax planning is a complicated process. There are many options to consider when minimising the Inheritance Tax chargeable to your estate to maximise the inheritance you pass on.
These strategies are complex, which is why it’s essential to speak to an expert. Rowlinsons solicitors can provide clear, beneficial advice on Inheritance Tax planning to help you understand your options and show you the steps you can take so you can leave more behind for your loved ones.
Our friendly and approachable team have years of estate administration experience to help you with Inheritance Tax planning. Our expertise and high reputation within the law industry means we can help deliver results, acting swiftly with accuracy.
You can feel confident that you are receiving a high-quality service where we are on hand to help you, whatever the issue. Our well-regarded solicitors in Cheshire will work with you to resolve matters and ensure that the future is planned for in a time of rising house prices.
You deserve to receive the best legal expertise, and we provide here at Rowlinsons. Our offices are in Frodsham and Runcorn (Sutton Weaver), and we regularly help clients in the Northwest, such as Northwich, St. Helens, Widnes, Warrington and Chester, but we are on hand to help you across England and Wales. Whatever your query, do not hesitate to get in contact today.
To make an appointment please call 01928 735 333 or click here for a call back.
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