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Covid-19 update

All our services remain fully operational, with phone, Skype, Teams and other conference calls being conducted in place of face to face meetings. You will still receive the same high level of service with all our service agreement levels being met. If you have a family member who requires our services, we are offering all our clients a “Family Referral” scheme, so please let us know via the Contact tabs on our website and we will be happy to help. To all our partners and clients, we extend our full support and well wishes at this difficult and challenging time.

Inheritance Tax

Inheritance tax (IHT) accounted for £5.1 billion of government income for the 12 months to may 2017, up from £2.69 billion in 2010.

IHT is levied on the net value of your assets at a rate of 40% over a certain threshold known as the Nil Rate Band, currently £325,000 in 2018-19, and due to remain at the same level until 2020-21.

From October 2007 the NRB has been transferrable between married couples and between civil partners. Thus, a married couple have an allowance of £650,000 against Inheritance Tax, whilst a single person’s allowance remains at £325,000.

In April 2017, an additional Residence Nil-Rate Band (RNRB) was introduced giving an additional £100,000 allowance, rising by £25,000 each tax year to £175,000 in 2020-21, for certain estates where property is passed to direct descendants.

There are a number of gifts and investments you can make during your lifetime to limit your exposure to IHT. Some people will also look to use a trust mechanism in order to reduce their Inheritance Tax exposure. Please contact us if you would like free advice on your potential Inheritance Tax liability.