placeholder

Inheritance Tax Guide

Securing your wealth for future generations

In this guide:

  • Inheritance tax: the facts
  • Starting your journey 
  • How to protect inheritance from taxes 

At The Private Office, our advice proposition and service delivery is built around the relationships we develop with our clients, and part of that relationship is understanding the positive and negative impact of wealth. Never is this truer than when considering legacy and succession planning.

Inheritance Tax Guide Cover

Please note that the Financial Conduct Authority (FCA) do not regulate cash flow planning, estate planning, tax and trust advice.

Download your free guide now

Provide your details below to receive your free guide.  

Name
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.

By submitting this form, I agree the terms set out in TPO’s Privacy Policy and consent to TPO processing and holding my data for marketing purposes. You can opt out of marketing at any point by contacting marketing@theprivateoffice.com.

From this guide:

Inheritance tax, or IHT, is the tax levied on assets received by gift or inheritance.

Inheritance tax is a one-off tax paid on the value of an estate (i.e. your assets) over £325,000, the current ‘nil-rate band’. The Net estate, after deducting exemptions, reliefs and nil-rate band is taxed at 40% (or 36%, if 10% or more of your net estate is left to charity).

Example: If your individual estate is valued at £950,000, an individual benefactor would pay an inheritance tax bill of £250,000.
£950,000 – the nil-rate band (£325,000) = £625,000.
40% x £625,000 = £250,000.

The tax must be paid within six months of the end of the month in which the benefactor has died. Your estate includes your business*, ownership or shares, and, if you are a UK domicile, assets you own overseas.
Regardless of your domicile or residence, your estate may be liable to UK IHT on your UK assets. Inheritance tax is regarded as a ‘cumulative tax’ as earlier gifts may be taken into account when assessing how much tax is due. The tax is calculated after all of your outstanding debts are paid, including your mortgage.
*Some business assets and shares may qualify for business relief (see page 12 of the guide for more detail).

Download the full guide to read more.

Book a free initial consultation

Contact us

Our clients speak for us

Meet our expert team

Template - People block - list (6.06)

Alex Hatfield

Partner - Chartered Financial Planner, FPFS, MCSI

Rated 4.7 out of 5

VouchedFor Top Rated Adviser 2021-2025

Alex, Partner and Chartered Financial Planner, helps clients plan for every stage of life, using cash-flow modelling to give clarity and confidence in their financial future.

Steffan Alemanno

Senior Financial Adviser - Chartered Financial Planner, APFS

Rated 4.6 out of 5

VouchedFor top rated adviser 2025

Helping clients navigate their financial goals, Steffan is a Chartered Financial Planner who supports a wide range of planning needs and prepares them for both today and the future.

Ellie Jarvis

Financial Adviser - Chartered Financial Planner, APFS

4.9 out of 5

Vouched For UK Top Rated Adviser 2024

Based in Leeds, Ellie is a Chartered Financial Planner guiding clients nationwide through retirement, tax, investment and broader financial planning decisions.