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.

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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.

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Susan Tait - Chartered Financial Planner at The Private Office

Susan Tait

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Susan has a broad range of experiences dealing with high net worth clients who pose complex financial circumstances.

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Kirsty is a Chartered Financial Planner and expert in cash flow forecasting and advises in all aspects of financial and strategic planning

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Julian Frere

Partner - Chartered Financial Planner, APFS

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Julian advises on pension reviews, retirement planning, investment management, tax efficient structuring, life insurance and succession planning.