Inheritance Tax Planning Solicitors

Helping You To Efficiently Navigate Inheritance Tax Planning, For Estates Of Every Size 

When managing your estate, it’s only natural to worry about inheritance tax. You want to make sure that your loved ones receive everything that they’re owed when you die – without considerable portions being held back for tax purposes. 

By working with our experienced solicitors, you’ll receive tailored inheritance tax planning advice to make sure that your estate is distributed according to your wishes. This might involve certain tax relief benefits that you’re eligible for, or other strategic tax decisions that ensure as much of your estate is retained as possible. 

Our inheritance tax planning solicitors can also help you to write a Will, which is a fundamental part of estate planning. If you need further advice, please get in touch today. 

 

Why Choose Sparlings Solicitors For Your Inheritance Tax Planning?  

Planning your estate can be a complex process, particularly if you have multiple properties or a number of beneficiaries who are all receiving different amounts. Our experienced inheritance tax planning lawyers can walk you through the process and keep everything straightforward. 

We stand out with: 

• Strong local presence: Based in Essex, our team can handle complex inheritance tax planning requests with a localised perspective that’s built on years of experience

• Friendly and approachable team: You’re not just a case number. Our client-focused approach puts your goals at the centre of everything we do, helping you to achieve water-tight tax planning without undue stress 

• Clear and transparent pricing: You'll have a complete understanding of how much the process will cost from start to finish
• Outstanding client reviews: With over 300+ satisfied client reviews, we’re confident that you’ll be satisfied with the exceptional level of service you’ll receive

How Does Inheritance Tax Work In the UK? 

The specific impact of inheritance tax on your estate will depend entirely on the size of what you’re leaving behind, which is why accurate inheritance tax planning advice is so important. 

However, as a rule of thumb, the threshold for inheritance tax in the UK is £325,000 for an individual estate, with a flat rate tax at 40% payable on the value of your estate that exceeds that figure (meaning if your estate is valued at £400,000, you’ll pay a flat 40% on the £75,000). 

A number of factors can impact your inheritance tax obligations, which include: 

• Spouse rules: If your entire estate is left to your UK-domiciled spouse or civil partner, there is 0% inheritance tax to pay, regardless of your estate’s value

• Charities: If you leave at least 10% of your estate to a qualifying charity, the inheritance tax rate on the remainder drops from 40% to 36% 
• Agriculture allowances: If you own a farm or similar agricultural business, you may be able to claim Agricultural Property Relief (APR), which limits the tax you have to pay depending on the size of your estate

Rather than trying to work out what you’re eligible for on your own, speak to our inheritance tax planning solicitors, who will take the time to understand your circumstances and map out what your estate planning should look like.    

Work With Us Today

Whether you need a comprehensive tax plan or just require inheritance tax planning advice, we’re here to help. 

Contact us today on 01206 20733733, or use the form below to speak to a member of our team. Once we’ve understood your situation, we’ll work with you to reach an outcome that works for you. 

When should I start speaking to an inheritance tax planning solicitor? 

As soon as possible. The most effective inheritance tax management strategies make use of the ‘7-year rule’, which means that you must survive any transfers of estate by seven years in order for assets to remain completely tax-free. The earlier you start thinking about your inheritance tax planning, the better your chance of distributing assets according to your wishes. 

How do trusts fit into effective inheritance tax planning? 

Trusts can be a powerful tool when controlling how your wealth is distributed while reducing your exposure to estate taxes. Trusts are something that should be considered as soon as possible in order to reap the full benefit. Because trusts can become very complex depending on your circumstances, we’d recommend getting in touch with our inheritance tax planning solicitors to work out exactly what approach would be best for you. 

How does the location of assets affect inheritance tax liability? 

If you’re classed as “domiciled” in the UK, then HMRC will calculate tax on everything that you own globally, which can include overseas property, offshore bank accounts, and foreign investments. If, however, you are non-UK domiciled, then generally only your UK-based assets fall into the tax net. To work out how best to approach your estate planning, reach out to our inheritance tax planning solicitors for bespoke guidance.