Inheritance Tax Planning

If your assets exceed £325,000 then Inheritance Tax may be payable in the event of your death. Mitigating Inheritance Tax is not easy. Over the years the government and HMRC have put in place a comprehensive system of anti-avoidance provisions that can trap those unaware of the detail of the relevant legislation. Our team of specialist advisors can help you to avoid such pitfalls whilst taking sensible steps to minimise the impact of Inheritance Tax on your estate.

Having an up to date Will that fits in with your Inheritance Tax mitigation strategy is vital, but a Will cannot be the only element of a successful plan to minimise Inheritance Tax. Your Will needs to work within the frame work of your lifetime Inheritance Tax planning using lifetime gifts, trusts, asset selection and the use of life assurance and specialist Inheritance Tax mitigation products.

Our services

Our Lawyers work closely with the Financial Advisors in our Financial Services company, Gilbert Stephens Financial Services Ltd, with regard the Inheritance Tax mitigation products currently being marketed by finance houses and the life assurance industry.

For many people making the best use of Inheritance Tax allowances and reliefs will provide them with all the Inheritance Tax planning which they require. We can help you to make use of:
• Annual Allowances;
• Small gift allowances;
• Wedding gift allowances;
• Gifts out of unused income;
• Gifts to Charities;
• The Nil Rate Band;
• The Residence Nil Rate Band;
• Spouse Exemption;
• Agricultural Property Relief;
• Business Property Relief; and
• Heritage Property Relief.

Married Couples and couples who have a Registered Civil Partnership are in a privileged position for Inheritance Tax. Not only are gifts between them exempt from Inheritance Tax but they can also transfer Nil Rate Band allowances between them (including the Residence Nil Rate Band) between them. This means that they can pass £650,000 tax free on the second death if they get their lifetime Inheritance Tax planning right and have their Wills in good order. From 6th April 2017 they will also be able to share the Residence Nil Rate Band if they own their own home and leave it to their direct descendents. However, care needs to be taken to ensure that neither their lifetime gifts nor the terms of their Wills prevent all available Nil Rate Bands being combined.

If you own a farm or a business we can advise on the availability of Agricultural Property Relief and Business Property Relief. These reliefs are of great value as they can provide a 100% exemption from Inheritance Tax for qualifying assets. However, these reliefs are subject to complicated qualifying conditions which do not always fit well with the good management of farms and businesses. This means that specialist advice is essential to maximise the values of these reliefs to ensure that your business will not be damaged by the Inheritance Tax consequences of the death of one of the business owners.

Why choose us

Inheritance Tax Planning often involves lifetime gifts and in that context other taxes may need to be considered. We are able to guide you on the consequences of your Inheritance Tax Planning for Capital Gains Tax and other taxes.

Please get in touch

Email: ku.oc1503304065.sneh1503304065petst1503304065rebli1503304065g@sll1503304065iw1503304065 or contact our Inheritance Tax Planning team.


Deborah Langham 5
Deborah Langham

Private Client Paralegal / Legal Assistant
Exeter | Sidmouth
email | 01392 424242 | 01395 512443

INDIVIDUALS, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning

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Richard Walford
Richard Walford

Partner - Head of Department Private Client
Exeter | Crediton
email | 01392 424242 | 01363 775566

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Claire Veness
Claire Veness

Supervising Partner Sidmouth Office
Sidmouth
email | 01395 512443

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Don Middlemost
Don Middlemost

Supervising Partner Budleigh Salterton
Budleigh Salterton
email | 01395 445581

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning

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Liz Govier
Elizabeth Govier

Supervising Solicitor Ottery St Mary Office
Ottery St Mary
email | 01404 812228

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Jamilah Pringle
Jamilah Pringle

Associate Solicitor
Exeter
email | 01392 424242

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Tim Leat
Tim Leat

Chartered Legal Executive
Ottery St Mary
email | 01404 812228

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Nysha Forsey
Nysha Forsey

Solicitor
Crediton
email | 01363 775566

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Trusts & Settlements, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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Rosy Holyer

Solicitor
Exeter
email | 01392 424242

INDIVIDUALS, Elderly Client, Lasting Powers of Attorney, Wills, Trust, Probate & Tax, Court of Protection, Wills & Estate Administration, Inheritance Tax Planning, Step Members

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