Placeholder

The current initial threshold for inheritance tax is £325,000.00.

If the value of your estate exceeds this amount, the excess may be liable for inheritance tax at the current rate of 40%.

Contact us

However, if you are a widow, widower or surviving civil partner, a transfer of all or part of the inheritance tax allowance available to your late partner may be available for transfer to your estate, thus increasing your own inheritance tax free threshold. A further inheritance tax allowance in respect of your residence may also be available provided that it is left to direct descendants.

The recent increases in house prices have brought many people into the fold of potential inheritance tax payers, but there are strategies available which can help to minimize your tax liability.

This may require the wording of your Will to be appropriately drafted. However, this is a relatively inexpensive process and is very cost effective in the long term. If you have the wrong type of Will, all the tax benefits could be lost. This is a highly specialised area of law, and it is necessary to seek expert advice from a solicitor who has experience in this field.