Inheritance Tax Planning, Trusts and Lifetime Giving

With the ever increasing value of properties, Inheritance Tax is likely to affect more and more people.

Inheritance Tax is calculated on the combined value of a person’s assets at the date of their death, including their property and their share of any jointly owned assets. Each person has a Nil Rate Band, and it is the value of the assets in excess of this which are taxed at 40%. No Inheritance Tax is paid on assets which pass on death to a spouse or civil partner, and from 9 October 2007, spouses and civil partners can transfer the unused balance of their Nil Rate Bank to their partner on death.

Trusts and lifetime giving can also be useful ways of managing your estate and thus reducing your Inheritance Tax liability.


We can set up and run different types of Trusts. We can also advise on the tax efficiency and implications of such Trusts, and can deal with annual tax returns and the requirements for periodic Inheritance Tax accounts.

We can advise Trustees on their powers and duties in the running of a Trust.

Lifetime Giving

Our advice covers allowances and exemptions for lifetime giving, and whether there are any immediate Inheritance Tax implications for a gift. An important area on which we can advise is the gifting of property, in particular a family home, to children or relatives.

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