Inheritance Tax Planning

Inheritance tax law, and inheritance tax reliefs and exemptions can be complex. Even more so if you own a business or have assets in the UK and overseas.

Our specialist team of Inheritance Tax Solicitors can help you arrange your financial affairs in the most tax efficient way possible, giving you peace of mind that your loved ones will be well taken care of in the future. 

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Tax Planning Solicitors in Leeds & Yorkshire

We all worry about what will happen to our family members or friends after we die. For many of us, the concerns are financial as well as emotional. But while there is little you can do to support your family emotionally after your death, you can help them financially with efficient and effective inheritance tax planning.  

At Morrish Solicitors, our expert inheritance tax lawyers can help you plan your estate’s inheritance tax. We understand your situation is unique, which is why we will take the time to advise on the best solutions to support your wishes. We offer our services at your convenience either in-person, over the phone, via email and through the post, so you can benefit from our tax planning services no matter where you live. 

Planning and expert legal advice are essential to ensuring your loved ones can make the most of the assets, property and wealth you leave behind.   

We can advise you on how to take advantage of various IHT reliefs and exemptions, and use of the Nil Rate Band, to maximise the inheritance you pass on to your loved ones. 

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Our Tax Planning and Wills Disputes Services

At Morrish Solicitors, our solicitors advise individuals, couples and families on all aspects of Wills and tax planning. Whether your estate is simple or complex, your assets can be protected through efficient tax planning and a well-structured Will. 

Our team are able to advise on a range of matters involving inheritance tax planning and Will and inheritance disputes: 

For clear, expert advice on inheritance tax planning, speak to one of our experienced solicitors. 

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What is inheritance tax and how much is it?

Inheritance Tax (IHT) is a tax on the estate of someone who has died. Their estate includes all property, possessions and money. There is normally no tax to be paid on the estate if: 

  • The value of the estate is below the Nil Rate Band (NRB) of £325,000, or 
  • All assets above the threshold are left to the person’s spouse or civil partner, or 
  • Everything above the threshold is left to an exempt beneficiary, such as a charity 

If the value of the person’s estate is above the NRB, then the part of the estate above the threshold may be liable for tax at the rate of 40%.  

For example, if an estate is valued at £450,000, the beneficiaries of the estate would only need to pay tax on £125,000 (£450,000 minus £325,000). That means £50,000 tax would be payable. 

The NRB is increased if the person who died had a house they lived in and it is left to descendants.

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Who pays inheritance tax and does this apply to monetary gifts made during the donor’s lifetime?

The person who pays the IHT on your estate will depend on whether or not you have a valid will in place. If you have a will, the executor of the will typically arranges to pay the tax. However, if you don’t leave a will, then the administrator of your estate will likely pay the tax. 

However, it is important to note that if IHT is payable on any gifts made during your lifetime, the recipient of that gift could be liable for paying the IHT. This is dependent on: 

  • the value of the gift 
  • the time it was received, in relation to the day of your death 
  • the total amount of money you gifted to your beneficiaries 
  • the value of your estate and the beneficiaries of the estate 

The tax is paid from your estate to HM Revenue and Customs (HMRC). 

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How can I reduce the amount of inheritance tax that will need to be paid?

If you’re looking to reduce the amount of IHT payable on your estate, there are a number of things you can do to reduce the amount of tax that will need to be paid. These include: 

  • Unlimited gifts up to the value of £250 per person can be made each year 
  • Giving away up to £3,000 per tax year in gifts 
  • Putting your assets into a trust for your beneficiaries 
  • Leaving your estate to your spouse or civil partner 
  • Paying into a pension rather than into a savings account 
  • Leaving a donation to charity 

Reducing the amount of inheritance tax your beneficiaries will owe can be complicated. If you are concerned about inheritance tax planning, speak to one of our experienced solicitors. 

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Why Morrish Solicitors?

Our friendly wills and estates lawyers have years of experience dealing in wills, probate, care home fees and other related services. Whatever your age and circumstances, we can help you review your plans for later life. 

Our Senior Partner and Head of Wills and Estates, Tom Morrish, is an accredited member of Solicitors For The Elderly, a national association of independent lawyers who specialise in legal services for older and vulnerable people, so you can be sure you are in the best of hands. 

We’re always on your side

We understand that your circumstances are unique, and that’s why we’re careful to listen to your situation and provide the best possible solution to support your family’s wellbeing.  

Personal service

As a Yorkshire-based firm, you can benefit from our competitive rates. We believe in representing people, not large organisations, which is why we aim to provide expert advice, personable service, and excellent value for money.  

Expert advice, no matter where you live

All our services can be provided at your convenience either in-person, over the phone or by email or post. So, it doesn’t matter where you live, we’ll always be here to support you.  

Want more information? Speak to our Wills and Estates team today. 

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Why our clients choose Morrish Solicitors

Excellent service from Tom Morrish

Wills and Estates Client, July 2021

Prompt response to queries. Being able to speak to somebody without having to wait. Getting good information. Prompt and efficient service.

Wills and Estates Client, July 2021

“Positive, professional and efficient. The solicitors have been fantastic both the times we have used your services for buying our house and our wills. Thank you.” 

Private Client, May 2019

Meet the Wills and Estates Team

Tom Morrish

Senior Partner & Head of Wills & Estates

Emma Garfitt

Partner, Wills & Estates

Christina Taylor

Paralegal Specialist, Wills & Estates

Jamie Jaskolka

Graduate solicitor apprentice