This is a tax paid on the value of an estate owned (the total value of assets less liabilities) by a person when they die. Tax is payable at a rate of 40%, however most estates don’t have to pay Inheritance Tax because they’re valued at less than the nil rate band threshold (£325,000 in 2012-13). The nil rate band is the amount of assets you can leave to people free of inheritance tax.

When calculating the total value of the estate in order to review whether it is below the threshold, it is sometimes appropriate to include trusts or gifts made during someone’s lifetime, particularly in the seven years prior to death.

 

Increased threshold for married couples and civil partners

Since October 2007, married couples and registered civil partners can effectively increase the threshold on their estate when the second partner dies – to as much as £650,000 (in 2012-13). Their executors or personal representatives must transfer the first spouse or civil partner’s unused inheritance tax threshold or ‘nil rate band’ to the second spouse or civil partner when they die.

 

Seek advice

Many people will want to pass on their wealth and assets to their children or grandchildren to give them a helping hand as they look to make their way in life. Obviously, inheritance tax can serve to reduce the amount of money left, so it is important you seek the right advice and planning to make sure the amount of tax you pay is kept to a minimum.

The team at McHale & Co has the experience to advise you successfully on the right course of action to take with regards to inheritance tax planning and advice. We are approachable and friendly – the perfect combination to help set you on the right path.  

 

Get in touch

If you would like to know more about how our tailored services can best suit your needs, do not hesitate to get in touch. Although based in Greater Manchester, we can provide high-quality legal assistance to those who need it around the UK. Call us today on 0161 928 3848, or fill in the online contact form.

Testimonials

Read All >

Helen, can I just thank you for the professional and thorough way in which you have dealt with this matter and your advice has been very welcome at times. Worth every penny for peace of mind.

Mr L

Extremely helpful and considerate. Very attentive . Nothing was too much trouble from the first phone call to receiving a hard copy of the will. Couldn’t have asked for more. I would not hesitate in recommending you to friends and family. A fantastic service all round. Thank you Michaela.

Mr M

I would like to thank you (Paul Fitton) for your most professional guidance and advice, I appreciate the effort and time you devoted to my issues on this subject.

Mr S

Mr Nattrass is always understanding and helpful and takes time to listen and explain. It is always a pleasure to deal with him. Also, your reception staff are lovely and welcoming.

Mrs J

The service we received from Helen Green was fantastic, nothing was too much trouble. We would recommend Helen without question.

Mr J

The service provided was excellent. Many thank to John Nattrass for all his input and execution of our wills.

Mrs H

I would like to commend Michaela for her warmth, compassion and professionalism. It was because of her superb persona that I am using McHale & Co. Thank you very much Michaela!

Miss J

We are grateful for your work on our behalf. You ensured that the necessary process was done smoothly and efficiently and you have been a pleasure to deal with.

Mr G.

Excellent service and prompt replies to everything that we wanted. Very professional in these unusual times.

Mrs. S.

Very happy with McHale & Co dealing with my Mother’s Deed of Probate and sale of her house, very helpful during a difficult time.

Ms. C Jones

Outstanding service. A breath of fresh air!

Ms. M

I would like to thank McHale & Co Solicitors for their excellent work.
The support Helen provided me with was above and beyond, it was her professionalism and her personal and effective responses which made such a difficult time for me a lot more bearable.
I would have no hesitation in using McHale & Co again and will certainly recommend them to family, friends and colleagues.

Mrs B

Contact Us