Wills & Probate
Inheritance tax
There have been significant changes to the Inheritance Tax regime relating to spouses and those in a registered civil partnership since the Chancellor�s Pre-Budget Report was issued last year.
Essentially, this means that spouses and civil partners now have the benefit of potentially doubling the Nil Rate Band available to pass down their assets to their children, or other beneficiaries. The Nil Rate Band is the threshold over which Inheritance Tax is currently paid at a rate of 40% and which, for 2008/2009, stands at �312,000.00 per individual.
In addition, we are able to advise you in relation to any potential; Agricultural Property Relief or Business Property Relief that your estate might claim, together with the use of lifetime gifts and the annual exemption.
Our Wills & Probate team will explain in plain English how it can affect you and the steps you need to take in order to minimise the amount of inheritance tax for which your estate could be liable.