UK Inheritance Tax Planning

Victoria Motley - Play video
Victoria Motley - Play video

Video length: 48s

Specialist Wills, Probate, Tax and Trusts solicitor Victoria Motley, talks about how she can help you plan for your family's future with help from Forbes Solicitors

Victoria Motley | Solicitor

Wills, Probate, Tax and Trusts

Hello, my name's Victoria and I'm one of the solicitors working in the Wills, Probate, Tax and Trusts department. I can help you plan for your family's future.

We can help you make a will, put in place a lasting power of attorney, set up a trust to protect an asset or a family member, we can offer advice on inheritance tax planning and help you plan for the succession of your family business.

We recognise that our clients want more than just the legal documents. They need practical advice to get the best for their family.

So if you want help planning for your future and your family's future then please contact us today via the enquiry form on the website or telephone us.

Inheritance Tax is a tax that is levied by the government when wealth is gifted either during your lifetime or on your death.

The current Inheritance Tax limit for the 2014/2015 tax year is £325,000 and this allowance is known as the Nil Rate Band. If the total value of your financial assets is more than the Nil Rate Band, it is possible that Inheritance Tax may be payable on the value of your assets over this amount. The rate of Inheritance Tax upon death is currently 40%.

What is Included in Inheritance Tax?

Inheritance Tax payable on death is based on the value of your estate when you die. This will include:

  • Everything you own at the date of your death e.g. your property, bank accounts, investments, personal belongings such as cars, jewellery, expensive electrical goods and antiques
  • Your share of anything owned jointly with your spouse or any other person
  • The value of any trust fund from which you are entitled to benefit e.g. receiving an income
  • The value of any gifts made by you in the last seven years before you die and which are not covered by any exemptions
  • The value of any assets which you have given away but still get a benefit from e.g. if you give away a house and still live there

People who are UK domiciled (i.e. were born here or have moved here and severed ties with their country of birth or have lived permanently in the UK for 17 of the last 20 years) are liable to Inheritance Tax on their UK and worldwide assets. People who are not UK domiciled are liable to Inheritance Tax on the value of their UK assets only.

There are some beneficiaries who are exempt from paying Inheritance Tax - these exemptions include charities and your spouse (although you should bear in mind that anything you leave to your spouse will increase the value of their estate and may result in a tax liability on their death depending on the value of the estate). Some assets also attract relief from Inheritance Tax e.g. agricultural and business assets.

Contact Forbes for your Inheritance Tax Planning

If you think that your estate would be liable to Inheritance Tax and are worried about it, the first thing you should do is get legal advice from an Inheritance Tax Solicitor.

There are several things that can be done to minimise your Inheritance Tax liability. Our specialist team of Inheritance Tax Solicitors can help you arrange your financial affairs in the most tax efficient way possible.

For a consultation with a specialist Wills, Probate, Tax or Trusts Lawyer please call Forbes Solicitors on freephone 0800 975 2463 or contact us by email today.

Wills, Probate, Tax & Trusts

18 May 2017

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Excellent in every way.

Marjorie Whittam

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Thank you to Patricia Prescott and her staff who dealt patiently and efficiently with my many queries.

Kathleen Garnett

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All staff were helpful and approachable. Victoria Motley made what is a daunting experience bearable.

Maria Scully

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The staff were very friendly and approachable.

Jack Greenhalgh

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There was a quick and clear response to all questions raised.

Peter Butler

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The service I received from Victoria Motley was excellent.

Janet Lloyd

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Thanks to Victoria Motley. Very professional and efficient firm.

Leonard Mlotshwa

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Everything was explained fully to us in terms we understood. Thank you Jennifer for making things so easy for us.

James Preston

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Approachable, professional and friendly service. A strong combination, thank you.

Dorothy Beecroft

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May I personally thank you for your professionalism and courtesy throughout our meetings.

Declan Bolger
Warrington

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The service provided was first class

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