Inheritance Tax (IHT) Planning

Inheritance Tax (IHT) is a tax made payable on someone's estate when they die. With correct organisation of your affairs, payment of IHT can be avoided. Why should you pay more than you need to? Get help from an Inheritance Tax solicitor.

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The Short of it

  • By having an inheritance tax plan in place,

    you are ensuring that your loved ones do not have to deal with a tax liability after you are gone.

  • Correct planning means that your loved ones can avail of inheritance tax allowances,

    and avoid reducing their share of their inheritance.

  • Our solicitors are experts in helping you to plan for the future.

    Contact us today to speak to one of our dedicated team.

  • Everything we do at Watermans is about getting you the resolution you need

    and providing Straightforward legal advice. It should be that simple.

  • The Long of it

    Inheritance tax planning

    What is inheritance tax planning?

    Inheritance Tax (IHT) is a tax levied on someone’s estate when they die. With correct planning, the payment of inheritance tax can be avoided.

    Gifts made more than seven years before the event of a death will mean that your loved ones will avoid having to pay inheritance tax, so planning for the future is a wise choice here. If you have an inheritance tax plan in place, you can gift your assets tax-free. This ensures that you are not leaving your friends and family to deal with any tax liability which will ultimately reduce their share of the inheritance.

    The payment of inheritance tax does not include married couples based in the UK; spouses and registered civil partners are exempt from paying inheritance tax.

    Inheritance tax allowances

    What are my inheritance tax allowances?

    Your loved ones will be exempt from paying inheritance tax if

    • the value of your estate is less than £325,000
    • you leave everything above the £325,000 threshold to your spouse, civil partner or a charity

    Any part which is higher than this threshold of £325,000 is liable to be taxed at 40%. There is now an additional tax relief band of £175,000 available, if the family home passes directly to the deceased’s children.

    To ensure that you are making the most of the tax reliefs available to you, contact our dedicated private client solicitors. Inheritance tax planning may seem like a complicated business, but that’s why we’re here to help. At Watermans, our specialist solicitors handle the legal stuff, so you don’t have to.

    Do I need a solicitor?

    Why do I need a solicitor to plan for inheritance tax?

    The process involved in inheritance tax planning can be complicated. That’s why working with a solicitor who is experienced in handling inheritance tax planning issues could be in your best interests.

    Using a solicitor ensures that everything to do with your Will and estate is up to date and on the right track. Planning and arranging your estate will also give you peace of mind that your loved ones will be looked after as you had wished.

    At Watermans, we work with you, guiding you through the process by offering straightforward legal advice. It’s shouldn’t have to be complicated.

    Why Watermans?

    Why should I choose Watermans as my IHT planning solicitor?

    At Watermans, our solicitors are experts in advising on and drawing up Wills, and in helping you to plan for the future. Our team can advise you on all matters relating to inheritance tax planning, and how best to ensure that your loved ones don’t have to deal with a tax liability when you are gone.

    Watermans make legal services look and feel easy so people can move forward in life. Everything we do is about providing straightforward legal advice, so that you can concentrate on the things that really matter.

    Get in touch with us

    Everything we do at Watermans is about getting you the resolution you need and making that process straightforward. Start the process by sending us your details below or calling us on 0131 555 7055

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    Our wills, trusts and succession expert

    “Planning for and talking about a time when you are no longer here is uncomfortable. I work hard to get the best plan in place for my clients, while understanding the sensitivities around talking about death. My clients often tell me that they have left our meeting feeling like a weight has been lifted from their shoulders.”

    Kimberley Mackay, Head of Private Client