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Steeles Law

Inheritance Tax and Succession Planning

Inheritance Tax (IHT) is a tax your estate must pay when you die calculated on the value of your assets at the time of your death. 

Today, IHT can no longer be regarded as an issue just for the wealthy. It is fast becoming a major concern for most individuals. IHT is 0% on the first £325,000, after which it is 40%. Your assets include anything that has a value including property, money in the bank and personal belongings.

There are various reliefs and exemptions available and our team aims to help reduce your potential liability. With careful planning we seek to save your estate, money, time and family anguish when the inevitable occurs.

Specifically we advise on the following areas:

  • securing the amount of your late spouse’s/civil partner’s IHT allowance
  • protecting assets from being sold to pay for the cost of residential and nursing care
  • maximising the extent to which those named in your Will benefit from whatever inheritance is left to them
  • ensuring your assets are safeguarded for your long term benefit where you are concerned about your possible future vulnerability
  • protecting assets for the long term benefit of any vulnerable beneficiaries named in your Will

If you have a business we can also advise on succession planning to ensure that the surviving business partners/shareholders are able to continue the business with minimal disruption after the death of one partner/shareholder and that the estate of the deceased partner/shareholder does not suffer financially because of a lack of control in the future running of the business.

There are many intricate rules, exemptions and caveats surrounding IHT. If you have any questions, please feel free to contact us - we will be happy to help you.

Key Contacts

Karen Bacon

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Angela Ireland
(Chartered Legal Executive)

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Amy Taylor

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Katherine Bearman

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Cathy Savvas
(Trainee Legal Executive)

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Ruth Pyatt
(Solicitor (Qualified in Scotland))

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