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.
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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Meet our expert team
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Alex Hatfield
Partner - Chartered Financial Planner, FPFS, MCSI

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

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

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