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Inheritance Tax Solicitors and Estate Planning

For the benefit of your family and loved ones, our inheritance tax solicitors work to minimise the amount of inheritance tax payable on your estate.

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Wills and Probate

Inheritance Tax and Estate Planning Solicitors – Protect Your Loved Ones

At Beyond Legal our experienced team of inheritance tax (IHT) solicitors based in Newton Abbot and Tiverton work with you to plan your estate and work with your loved ones to administer it after you are gone. We help to reduce inheritance tax liability and prevent any disputes at a time that can be upsetting and distressing for everyone. Find out more about how our inheritance tax solicitors can help minimise IHT in a number of ways below:

Reducing your estate value for inheritance tax purposes

Our inheritance tax solicitors keep up to date with the current levels of inheritance tax to assist you in calculating the amount your estate may be liable for. Following this step we can then provide advice around the various ways of mitigating the amount payable.

Examples of reducing the value of your estate for inheritance tax planning during your lifetime include such things as:

Gifts Made Outright (with no conditions attached) during your lifetime
Wedding gifts of up to £5,000 for a child
Wedding gifts of up to £2,500 for a grandchild
Wedding gifts of up to £1,000 to anyone else getting married
Payments for maintenance of a spouse, ex-spouse, dependent relative, child under 18 or child in full time education
Gifts up to the value of £3,000 in any one tax year plus any unused balance of £3,000 from the previous tax year.
Gifts in any tax year up to a total of £250 each to any number of individuals provided no individual receives more than £250 in any tax year.
Regular gifts out of income
Gifts to charity

Potentially Exempt Transfers made during your lifetime

These are outright gifts that are not covered by the above exemptions. They can be for any sum of money or be comprised of property with any value. The key requirement is that the gifts are made more than 3 years before an individual dies taper relief can be claimed which will reduce the amount of Inheritance Tax payable. The gift will only be fully exempt if it is made at least 7 years before death.

Business Property Relief (BPR) and Agricultural Property Relief (APR)

If you have a Business or Agricultural Land that benefits from BPR or APR then these may qualify for 100% or 50% Inheritance Tax Relief. If they do benefit from such relief then it is a good idea to make use of such exemption by gifting them to someone other than your spouse.

Lifetime Trusts

Recent changes to the Law having made Lifetime Trust not as attractive for Inheritance Tax Planning but they may still be of some benefit.

Let’s talk about inheritance tax matters

We’d love to talk to you about how our inheritance solicitors can help. Contact us today at our offices in Newton Abbot and Tiverton for a free initial consultation.

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