The initial amount of an estate on death that is not subject to inheritance tax (known as the ‘nil rate band’) has been frozen at £325,000 since 2009. As a result, an increasing number of estates are becoming liable for inheritance tax. Even though the 40% inheritance tax rate on death is lower than it once was, most people would prefer to leave their money to their children or grandchildren rather than to the Chancellor of the Exchequer.

To meet the rapidly growing need for expert advice in this field, the majority of our financial planners hold the Advanced Financial Planning Certificate in Taxation and Trusts. This enables us to assist you in planning effectively to reduce the impact of inheritance tax on your estate, while ensuring that this is not at the expense of your own standard of living.

Our advice takes in the whole spectrum of inheritance tax planning tools, including a correctly drawn will, trusts, lifetime gifts, packaged inheritance tax schemes, tax-favoured investments and, where suitable, life assurance. A gift or transfer of assets in excess of any lifetime exemptions will fall wholly outside your estate for tax purposes after a period of seven years, but even if your life expectancy is less than this we could still help you to reduce the amount of inheritance tax arising on your death.

We are more than happy to work with other professionals, including solicitors and accountants, in seeking to reduce potential inheritance tax liabilities. Indeed, many solicitors approach us to help them and their clients in the knowledge that we have planning tools available with which they may not be fully conversant.

…most people would prefer to leave their money to their children or grandchildren, rather than to the Chancellor of the Exchequer…