Plan ahead and protect your estate.
Whether you're a private individual or you run a business, with the help of our expert team of solicitors specialising in Wills, Probate Law & Lifetime Planning, we'll show you how to mitigate your inheritance tax on property liabilities and pass your wealth on to the people that matter most.
Inheritance tax is high.
Our aim is to help you reduce your tax liabilities.
Our friendly, experienced team of probate solicitors will advise you on the tax consequences of lifetime giving, creating trusts, or deeds of variation. We’ll also show you how to protect your home from the costs of long-term care. Plus, we’ll highlight all the opportunities for tax relief or exemptions teaching you how to avoid inheritance tax including agricultural or business property relief.
Complete support, complete peace of mind.
Our Wills, Probate & Lifetime Planning Team are experts in providing tailored advice that suits your individual circumstances. Many of our lawyers are also members of the Society of Trust and Estate Practitioners (STEP), ensuring you receive the most relevant and knowledgeable advice.
We’ll advise you on:
Probate – what it is and how long it can take
Lasting Power of Attorney (LPA) - applications and costs
The Office of the Public Guardian
Court of Protection
Probate forms
International probate law
Grant of probate
Executor of will
Wills probate
Death certificates
Working With Our Service Team
We understand that planning for the future and protecting your loved ones, is one of the most important things we will prepare for. Our trusted and compassionate team are able to advise and put into place all of the foundations for you and your family, keeping you updated at all times.
- Kim Carr
If you have an enquiry in relation to Wills, Trusts and Probate or simply want to speak to a member of our expert team, please get in touch.
The Inheritance Tax rules are complicated and due to house prices rising, Inheritance Tax is no longer an issue for just the super wealthy. Planning ahead can drastically reduce your tax liability or in some cases, eliminate it all together.
If you have a Will in place at the time of your death, then it is the responsibility of your Executor to submit the Inheritance Tax account to HM Revenue & Customs and to organise the payment of the Inheritance Tax from funds held in your estate. If there is no Will in place, then it is the responsibility of the Administrator to carry out this role.
Inheritance Tax is a tax charged on death. The current Inheritance Tax rate is 40%, but thresholds apply. Any assets left to a surviving spouse or civil partner pass free of Inheritance Tax as well as any assets left to a charity.
Due to the current inheritance tax threshold in the UK, every person has the first £325,000 of their Estate free of Inheritance Tax. This is called the Nil Rate Band. There is an additional Residence Nil Rate Band of £175,000 if the Deceased owns a property worth more than £175,000 and is bequeathing the property to direct descendants (such as children).
If, when the first spouse dies, they leave their whole estate to the surviving spouse, then their Nil Rate Band and Residence Nil Rate Band can potentially be transferred to the Estate of the surviving spouse meaning that there could be £1 million free of tax.
In the UK, inheritance tax is levied on estates, including inheritance tax on property, at a rate of 40% for values over the inheritance tax threshold of £325,000. However, there are legal ways on how to avoid inheritance tax or reduce inheritance tax through legitimate means, such as inheritance tax planning and claiming tax relief. By gifting assets or setting up trusts, individuals may minimise inheritance tax liabilities.
Engaging in proper planning and seeking advice from solicitors or financial experts can be crucial in managing the tax efficiently. It's essential to note that inheritance tax is a separate process from probate, wills, and lasting power of attorney, but they often intersect in the context of managing a deceased person's estate.
In the UK, property inheritance tax is not a separate tax but rather a component of the overall inheritance tax. Inheritance tax is levied on the total value of a deceased person's estate, including all property, money, and possessions, at a rate of 40% for values over the inheritance tax threshold of £325,000.
The term 'property inheritance tax' specifically refers to the portion of inheritance tax applicable to property assets such as houses, flats, and land within the estate. There's no difference in the rate or treatment of these assets compared to other parts of the estate.
Strategies like inheritance tax planning and tax relief can apply to the entire estate, including property, to legally reduce tax liabilities. Given the complexity of the inheritance tax laws, consulting with solicitors or tax experts, such as FBC Manby Bowdler, can provide tailored guidance on managing property and other assets within an estate.
