Inheritance tax is tax charged at 40% on that part of an estate that is not covered by the initial tax free allowance or some other form of relief, be it agricultural or business relief.
In most estates where there is no business or agricultural interests, it is important to ensure that your Wills are prepared in the most tax efficient way possible in order to reduce or avoid your exposure to payment of this tax.
On many occasions where we deal with the estate of a surviving spouse, we deal with an application to transfer the tax free or nil rate allowance from your late husband or wife’s estate so as to ensure that no valuable relief is lost.
Our team will be pleased to discuss this with you and advise you whether you may be able to take advantage of this exemption.
For those clients who have business and/or agricultural interests, our team can assist in the preparation of detailed tax saving strategy, often with the assistance of your accountant.