Inheritance Tax

Tax is payable on the value of your assets on your death after deduction of any liabilities. This includes your share of jointly owned assets such as your home.

If you are wanting to give away your assets to your children or grandchildren, there is the chance that your threshold can be increased to £500,000.

If you’re married and your estate is worth less than your threshold, unused thresholds can be added to your partner’s when you die.

Reduce or eliminate an inheritance tax bill

There are many ways to manage, reduce or eliminate an inheritance tax bill, including:

Making gifts
Using other assets to provide a retirement income and passing on your pension
Taking out a life insurance policy to cover the tax bill
Using tax-efficient investments to benefit from Business Relief

We can advise you on ways of planning your affairs to reduce your tax liability and the amount of tax paid for the benefit of your children or others who you wish to inherit from you.

Reduce or eliminate an inheritance tax bill

When do you not pay inheritance tax?

Usually, there is no inheritance tax to pay if:

The value of the estate is below the threshold of £325,000
You leave everything above the threshold to someone in your Will, including a spouse or charity for example

Estate planning can save a huge amount of tax. Inheritance tax is usually charged at 40% on anything above your nil rate band. Taking action early means more of your money will go to your beneficiaries.

Call: 01429 856744

Contact us for more details on how we can help.

Hartlepool: York Chambers, York Road, Hartlepool. TS26 9DP
Stockton: 11 Bridge Road, Stockton-on-Tees. TS18 3AD
Wynyard:12 Evolution,Wynyard Park, Wynyard .TS22 5TB
Barnard Castle:8 Newgate, Barnard Castle. DL12 8NG

Hartlepool: York Chambers, York Road, Hartlepool. TS26 9DP
Stockton: 11 Bridge Road, Stockton-on-Tees. TS18 3AD
Wynyard: 12 Evolution, Wynyard Park, Wynyard .TS22 5TB
Barnard Castle: 8 Newgate, Barnard Castle. DL12 8NG

Email: info@tbilaw.co.uk

0333 444 4422

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Tilly Bailey & Irvine LLP is a limited liability partnership registered in England (number OC315000) and is authorised and regulated by the Solicitors Regulation Authority.

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Reduce or eliminate an inheritance tax bill

When do you not pay inheritance tax?

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Contact us for more details on how we can help.