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Inheritance Tax planning – don’t leave it too late!


Currently, the Inheritance Tax rate on death is 40%. This is significant and is paid on all the assets - property, possessions and money – that you own at the date of your death, subject to certain allowances and reliefs.

Although there is talk in the media of the Inheritance Tax (IHT) rate being reduced, these rumours have been around before.  In any event, if the government reduces IHT, they will need to make up the shortfall somewhere.  Maybe the Capital Gains Tax free uplift on death?

Tax on gifts

Unfortunately, it is not just the assets you own at the date of your death that are looked at to calculate the tax due.  Gifts you have made in the seven years before your death are considered and in certain circumstances, what you have done in the 14 years before death.   Also, if you have retained a certain benefit in a gift , the value is included in your estate when calculating the tax.

Ascertaining the amount of IHT payable following a death is complex and the personal representatives (executors of the estate) need to consider various aspects of the deceased’s life.

Why pay more tax than you need to? 

With timely planning, the amount of Inheritance Tax payable on your death can be minimalised whilst you maintain the lifestyle you currently enjoy.  Often, people simply think about IHT planning too late.  Late planning can significantly reduce the options that may be available to you.

Some tax planning options are not obvious, and it is important to get good advice.  Take advice from experts; professionals who provide tax advice for a living.  They should have qualifications following extensive training and experience.

Steele Raymond’s Estate Planning & Tax team have nearly 60 years of experience between them.  We give IHT planning advice and can also advise on a wide range of other tax issues, including personal and business tax.

Find out more

If you would like to speak with one of our Estate Planning and Tax experts, please call us on 01202 294 566, email [email protected] or complete the form below and we’ll be in touch.


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