Whether inheritance tax is due depends on the value of the estate and the beneficiaries. From writing a will to administering an estate, our inheritance tax solicitors are here to assist you with your questions.
Inheritance tax is the tax to be paid on the estate that someone left behind. Debts and outstanding bills can be deducted from the gross estate value. Inheritance tax is usually 40% of the estate value above the threshold.
No inheritance tax is due if:
The value of the estate is below the threshold of £325,000 (or £650,000 if the nil rate band of a deceased spouse or civil partner is available to transfer)
Everything above the threshold of £325,000 is left to one of the following:
Spouse or civil partner
A charity
A community amateur sports club
If you give your estate to your children or grandchildren, including foster children, adopted children or stepchildren, your threshold may be increased further.
Why should I consider legal assistance for inheritance tax planning?
An inheritance tax planning solicitor can advise you on how to share out your estate to avoid paying too much. There are different ways to reduce the amount of inheritance tax due:
Giving out gifts while you are alive and surviving them by 7 years
However, what the best solution for you is depends on your estate, and your chosen beneficiaries. We can assist you with your questions on how inheritance tax might affect your own estate, feel free to contact us.
I've inherited an estate. Do I have to pay inheritance tax?
Inheritance tax is paid before you receive your share of the estate. It's the duty of the executor or administrator to report the estate value to HM Revenue and Customs and pay the inheritance tax bill from the estate before sharing it out.
Do I have to pay inheritance tax if I receive a monetary gift during the donor's lifetime?
This is dependent on:
the value of the gift
the time you received it, in relation to the day the person who made the gift passed away
the total amount of money they gifted to you or other beneficiaries.
the value of the estate and the beneficiaries of the estate
For more detailed information, we advise you to read the government's website on inheritance tax.
Why choose Slater and Gordon?
Our specialist inheritance tax solicitors have helped thousands of clients handle tax matters with confidence, so you and your loved ones will never have to pay more tax than you need to. Our legal experts can help you with:
Inheritance tax planning
Setting up a tax-efficient trust
Lifetime gifts
Charitable donations
Appealing inheritance tax decisions
Whatever your circumstance, we’re here to help. Our dedicated team can provide the legal expertise and advice you need to secure the inheritance you leave your loved ones. Speak to us today to learn more.
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication.
Mr S, Lancashire (wills, trusts & probate case)
I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services.
Mrs E, Manchester (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend.
Ms G, Lancashire (wills, trusts & probate case)
We are an award winning law firm and have a dedicated team of solicitors to advise and guide you – no matter how complex your situation may be.
Affordability and advice
We're able to offer affordable expert legal advice and can provide guidance on all aspects of wills and trusts. We can provide you with practical, affordable advice on your situation at the outset giving you clear guidance and options on your next steps.
Tailored advice
We understand that all situations differ - it’s not always a one size fits all - so we are able to provide tailored advice and guidance to suit your individual needs.
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The amount of inheritance tax you will pay depends upon the total value of the deceased’s estate, after outstanding monies owed have been settled. At present, no inheritance tax is paid on the first £325,000 of the estate, known as the Nil-Rate Band. Assets over this value are taxed at 40%.
Why should I contact an inheritance tax solicitor?
Carefully planning how your estate is managed can have a significant impact on the amount of inheritance tax you may owe. Working with an experienced inheritance tax solicitor can help you ensure that your loved ones receive the most from your estate, giving you and your family the reassurance that your finances and assets are secure.
How much does legal assistance from an inheritance tax solicitor cost?
We will always give you an estimate on how much we charge for our inheritance tax services during our initial consultation.
Very pleased with the service I received from Slater and Gordon. All actions required were carried out in a sympathetic and efficient manner. Clarification of requirements were indicated in a clear and precise detail with good communication. Mr S, Lancashire (wills, trusts & probate case)
I am thrilled with how fast my Grant of Probate was dealt with and how lovely everyone was. I would highly recommend their services. Mrs E, Manchester (wills, trusts & probate case)
My lawyer was very helpful at all stages of the process. She explained things clearly and was very flexible and helpful in dealing with my challenging personal circumstances. I would highly recommend. Ms G, Lancashire (wills, trusts & probate case)