0121 2887711 satsriakal@sikhwills.com
0121 2887711satsriakal@sikhwills.com

Inheritance Tax Planning

For each client that we work with, we complete a fact find which show us whether you have an Inheritance Tax liability.


Currently the Inheritance Tax nil rate band for each person is £325,000 (http://www.hmrc.gov.uk/rates/iht-thresholds.htm).


For Individuals


If your estate -(i.e. savings, property UK and overseas, shares, life assurance, pension, business assets and other investments) including any assets held in trust and gifts made within seven years of death less any liabilities (i.e. mortgage, debts, credit cards, other loans) (the “net estate”)- is more than the threshold for an individual’s tax free allowance (currently £325,000), Inheritance Tax will be due at 40 per cent on the amount over the nil rate band. See the example below:

For Married Couples


If you are married, you each have £325,000 tax free allowance which in total makes £650,000 tax free allowance. If the size of your joint estate is above £650,000 then you will be taxed at 40 per cent.


The benefit for married couples only is that one the death of the first spouse, they may not have used up their £325,000 tax free allowance therefore the remainder can be added to the surviving spouse’s £325,000 tax free allowance which means that with effective Trust Planning and professional advice from our recommended financial advisors, Sikh Wills can help you to ensure you maximise your tax free allowances and protect loved ones from paying huge Inheritance Tax bills.


We work with every client to ensure that you understand how to make the most of your savings and investments. We work out a short assessment of the size of your estate at the time of preparing your Will. This shows both Sikh Wills and our clients how to mitigate Inheritance Tax liabilities, if any, and ways to effectively understand how inheritance tax planning works. If you were to die within a few months of making a Will, we would have some indication of the size of your estate and also what assets and liabilities you had at that time if we were to deal with probate matters on your behalf.


Charitable Donations and Tax Exemptions


From 6 April 2012 people who leave 10% or more of their estate to registered charities can choose to pay a reduced rate of Inheritance Tax of 36%.


Contact us for further information about leaving gifts to charities.


Sikh Wills Financial Advisors


We work closely with our nominated financial advisors to provide all our clients with relevant information and solutions to all financial situations. 


If you wish to contact any of our expert financial advisors please contact us on 0121 2887711 or email satsriakal@sikhwills.com

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