Inheritance Tax Planning

Our Private Client Solicitors are experts in advising on wealth, tax & inheritance issues, having helped many clients make use of the various reliefs and a raft of tried and tested methods to save money. 

At Herrington Carmichael we receive many questions relating to the legal process on Equity Release or tax and inheritance – after years of property market growth, we are seeing more cases of clients who have decided one way or another that they would like to release some equity from their property or gain an understanding of the Inheritance Tax Reliefs and Exemptions with a little advice on income and capital gains tax.

> UK Care Guides Equity Release Calculator (external website)

Inheritance Tax Planning
Inheritance Tax has not gone away. It may be less of a problem for many families than it was a few years ago but for any single person with an estate in excess of £325,000 or a couple with more than £650,000, the tax remains an issue. Despite the falling property prices of the last few years many of our clients do exceed these levels. Tax can often be a daunting subject.

Income and Capital Gains Tax (CGT)
Whilst we do not claim to be experts in every type of tax,  we are recognised specialists in inheritance tax in the UK. In addition, we do have considerable knowledge of income and capital gains tax and often advise on these.

Making a Will
We are able to advise on tax planning matters as part of our Will drafting service, at other times we will give separate advice.

Inheritance tax reliefs and exemptions
Take a look at our list of Inheritance Tax Reliefs and Exemptions and brief description of the principal reliefs and exemptions from Inheritance Tax. It is not an exhaustive list and should not be relied upon without first obtaining professional advice.

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    Inheritance Tax Planning

    Inheritance Tax Planning: Top 10 Tips

    From life policies, to trusts, wills, excess income and more. Here’s a quick 10 tips to Inheritance tax planning.

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    Inheritance Tax Planning: should we be planning now?

    There seems little doubt that the government is going to have to find ways to collect more tax in years to come. IHT could well be a target going forward.

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    Inheritance Tax Planning: Residence Nil Rate Band

    The ‘new’ inheritance relief, known as the “residence nil rate band,” was first introduced by the Conservative Government back in 2015. 

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    Labour’s proposal to create a single status of ‘worker’

    We have recently seen a number of key rulings on the status of gig economy workers which considered whether a Claimant should be classed as a worker and therefore entitled to the minimum wage and holiday pay, or whether they were self-employed. However, Labour have...

    Unfairly dismissed for refusal to return to the UK during lockdown

    The Employment Rights Act says that an employee will be deemed automatically unfairly dismissed where the reason for their dismissal is that they took appropriate steps to protect themselves from danger, which they reasonably believe to be serious or imminent. In the...

    Commonwealth Resealing – Is my Will legal in the UK?

    In order to prove an overseas Will in the UK it is generally necessary to prove that the Will complies with the internal law of the country in which the Will was made and or of the country in which the maker lived; this can sometimes prove to be more difficult task...

    Should I get married for tax reasons?

    Traditionally the emphatic answer to this question was NO. But in recent years we have seen the increase in the number of long-term relationships where there is no marriage or civil partnership, coupled with an increasing number of divorces and second relationship all...

    Are we going to see changes to Inheritance tax or Capital Gains Tax?

    When I first agreed to write this article it was assumed that the March budget would include provisions to tighten up Capital Gains tax (CGT) and Inheritance tax (IHT). But there were no announcements in the budget, instead the Chancellor announced that there would be...

    Update: Registering a Trust with HMRC’s Online TRS

    As part of the UK government’s implementation of the 5th EU Money Laundering Directive almost all Trusts are required to be registered with HMRC using the Online Trust Registration Service (TRS). Online Trust Registration Service Key features: With a few exceptions,...

    Welfare Deputyships: are they now easier to obtain?

    For many years now, anyone mentally capable of creating a Lasting Power of Attorney (“LPAs”) has had the option to create two types. One is over financial matters and the other is over ‘Health and Welfare’ decisions. If someone has become mentally incapable of...

    What is a Trust

    Broadly speaking, a Trust is an arrangement under which property i.e. land, cash, investments, or some sort of rights such as copyrights, is held by a person or organisation on behalf of one or more people.  The people holding the property are called “the Trustees”...

    The Importance of keeping Records for Probate

    Research has suggested that it is becoming increasingly more difficult to track down assets when dealing with a deceased’s estate. When someone dies, it is their executor’s responsibility to locate their assets, obtain valuations for probate and deal with the closure...

    What are the duties and responsibilities of a Trustee?

    In very simple terms the job of the Trustees is to give effect to the terms of the Trust and or the wishes of the Settlor. This sounds quite simple and in the case of some trusts it is relatively simple. If the Trust clearly sets out its purpose, for example “To pay...

    Latest news & insights

    What is a Trust

    What is a Trust

    We explain how trusts work from a legal standpoint, the purpose of trusts, and how you can benefit from using trusts for tax planning.

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    Pricing Guides

    We are required by the Solicitors Regulation Authority to publish certain pricing information. Please contact us for an accurate fee proposal based on your particular facts and circumstances.

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    We are solicitors in Camberley, Wokingham and London. In 2019, Herrington Carmichael won ‘Property Law Firm of the Year’ at the Thames Valley Business Magazines Property Awards, ‘Best Medium Sized Business’ at the Surrey Heath Business Awards and we were named IR Global’s ‘Member of the Year’. We are ranked as a Leading Firm 2020 by Legal 500 and Alistair McArthur is ranked in Chambers 2020.


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