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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Sarah Beall

Financial Adviser - Chartered Financial Planner, FPFS

Rated 4.9 out of 5

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A Fellow of the Personal Finance Society, Sarah has worked in financial services since 2011 and works in partnership with her clients to ensure they understand what they are capable of achieving and how they can get there.

Merve Oral

Financial Adviser - Chartered Financial Planner, FPFS

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Merve is a Chartered Financial Planner and a Fellow of the Personal Finance Society. She creates bespoke financial plans in partnership with her clients to help them secure their financial future and enjoy their desired lifestyle with peace of mind. 

Daniel Schofield

Partner - DipPFS

Rated 4.7 out of 5

UK Top Rated Adviser 2024

Daniel provides advice focused on the disciplines of personal and corporate financial planning, investment portfolio management, Inheritance Tax (IHT) planning and mitigation, and legacy and succession planning.