Private Clients

Inheritance Tax

Inheritance Tax

The UK is currently one of the highest taxed countries in the world.

Originally called ‘Death Duty’, Inheritance Tax (“IHT”) is a tax paid on an estate when somebody dies. It’s also sometimes payable on trusts or gifts made during one’s lifetime. Most estates don’t have to pay IHT because they’re valued at less than the threshold (£325,000 in 2013-14). The tax is payable at 40 per cent on the amount over this threshold or 36 per cent if the estate qualifies for a reduced rate as a result of a charitable donation.

There are a number of exemptions and planning methods that can legally reduce or entirely mitigate the IHT liability, or provide for the liability cost effectively should it not be possible to avoid. These include spousal or civil partner exemption, charity exemption, potentially exempt transfers, annual exemption, small gift exemption, wedding and civil partnership gifts, business, woodland, heritage and working farm relief. Therefore, getting professional independent advice is essential.

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 Bath London


Trustee Investment
Inheritance Tax Planning


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