Inheritance tax advice
Our specialist tax advisers can help reduce the amount of inheritance tax you pay for the benefit of your family through effective tax planning.
Inheritance tax solicitors in Scotland
With good advice and planning, you can reduce or completely remove your tax bill, making the estate administration and distribution of assets more straight forward. With some forward thinking and lifetime tax planning to utilise available reliefs and exemptions, the final estate at death can be left in the best shape possible.
We will be happy to look at your situation to see how you can limit the amount of tax you pay for the benefit of your family.
Common questions about inheritance tax
The current inheritance tax threshold is £325,000. There is usually no Inheritance Tax to pay if your estate is valued below this amount or if you leave everything above that amount to a spouse, civil partner, charity or community amateur sports club.
Inheritance tax may still be payable on gifts you have given less than seven years before you die. If a gift does attract IHT, the amount due tapers depending on the length of time it was gifted before you died.
There are allowances and exemptions to the seven-year rule, including wedding gifts and others. We can advise you on what you are able to give away tax free during your lifetime, and what counts as a gift for the seven-year rule.
There are significant things to take into consideration when thinking about gifting a property rather than leaving it as part of your estate to be inherited.
Should you have gifted your property then required care, a local authority may still take the value of the property into consideration when working out your contribution to the cost of care. The seven-year rule can also apply, and the value of the property my fall back into your estate if you die within that period.
If you gift a property to your family but continue to live in it, this is called a gift with a reservation of benefit and again would be considered to be part of your estate. When considering gifting a property, it is always wise to take specialist advice.
Call us for free on 0330 159 5555 or complete our online form below to submit your enquiry or arrange a call back.