You’ve built a legacy for your family, and you want to leave as much of it as possible for them to enjoy. Our experts will help you understand and plan with inheritance tax (IHT) in mind, as early as possible, to protect your family’s financial future.

Currently, there is a nil rate band (NRB) and a residence nil rate band (RNRB), which are locked in until April 2026. Assets, gifts or savings worth less than £325,000 won’t be liable for IHT. If you’re passing down a property to direct descendants that is, or was once, your home, it will only be liable for IHT if it’s worth more than £500,000.

Over these thresholds, your heirs will pay 40% inheritance tax on the net value of any assets they inherit. Any assets you give away in the seven years before your death will also be liable for inheritance tax.

There are exemptions and reliefs that reduce the amount of IHT payable, such as spouse exemption, business property relief and agricultural property relief. Charity donations can also reduce the tax burden.

Inheritance tax is a complicated area and mistakes are common. But, with the support of our specialist, UK-based and globally-supported team, we can help you effectively plan ahead – avoiding inheritance pitfalls and additional stress for your loved ones.

The earlier we start planning the better

Using careful planning and expert insight, we can help you manage your IHT position. We’ll work together to plan ahead and review your will(s) to make sure they’re tax efficient. If your assets will be more tax efficient in a different structure, like a trust or personal investment company, we’ll help you set this up.

We can also help if you own assets overseas or are a UK resident non-domiciled individual, and we’ll tell you if you’d benefit from getting advice in another country. If you have more than one will, including one in a different country, we’ll make sure they don’t contradict each other and that you can take advantage of double tax treaties.

Get in touch with Karen Clark or Eugenia Campbell to find out how we can help you with inheritance tax planning. 

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Private client compass

The UK tax system is as complex as ever before and the penalties for getting it wrong are at its most severe. Our range of ideas helps you navigate the tax landscape.