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.
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.
Enter your email address for legal updates on Private Client & Family Law.
Inheritance Tax Planning
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.
Latest news & insights
The Chancellor Rishi Sunak has now given his second Budget. Whilst many of us had feared what the Chancellor may say given the pressure on the pubic purse following the Covid 19 Pandemic.
A number of key rulings on the status of gig economy workers have considered whether a Claimant should be classed as a worker.
In a recent employment case, the tribunal ruled that an employee was unfairly dismissed after refusing to return to the UK during lockdown.
If your Will is made in a Commonwealth Country the general principle is that the Will is deemed valid in the UK.
Equality for un-married couples has increased but there’s been no change to taxation structure and parts of the tax code now favour marriage.
There were no announcements in this year’s Budget about tightening up Capital Gains tax (CGT) and Inheritance tax (IHT).
Almost all Trusts are now required to be registered with HMRC using the Online Trust Registration Service (TRS).
It is possible to apply for a Welafre Deputyship but for many years it has been very difficult to be successful in a welfare application.
We explain how trusts work from a legal standpoint, the purpose of trusts, and how you can benefit from using trusts for tax planning.
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.
Private Wealth & Inheritance Team
- All departments
- Agricultural Law
- Banking and Finance
- Commercial Law
- Commercial Property
- Competition Law
- Consumer Law
- Corporate - MBOs & MBIs
- Corporate Governance
- Corporate Law
- Corporate lending
- Data Protection - Marketing
- Data, IT & Technology
- Debt Recovery
- Dispute Resolution
- Disputes - Business
- Disputes - Declarations of trust
- Disputes - Probate and inheritance
- Disputes - Professional negligence
- Disputes - Restrictive Covenants
- Disputes - Shareholders & Partnership
- Disputes - Tenants in Residential Property
- Disputes - Wills, trusts & probate disputes
- Disputes and Small Claims
- Disputes Construction
- Disputes with Co-owners
- Employee - Termination
- Employer - Termination
- Employment - Business protection
- Employment - Collective consultations
- Employment - Contracts, services, consultancy
- Employment - Employee benefits
- Employment - Employee Procedures
- Employment - Equality, discrimination and harassment
- Employment - Family Friendly Rights
- Employment - GDPR and Data Protection
- Employment - Post employment obligations
- Employment - Redundancy & Reorganisation
- Employment - Settlement Agreements
- Employment - Tribunal Claims
- Employment - TUPE
- Employment - Wages, holiday and sick pay
- Employment - Workers rights
- Employment Tribunal claims
- Estate Administration
- Expat Legal Services
- Family Law
- Financial Services
- Help to Buy
- Immigration law
- Intellectual Property
- International Legal Services
- Key Property Contacts
- Land and Property Disputes
- Land, development and construction
- Lasting Powers of Attorney
- Licensing Law
- Money, Tax and Inheritance
- New Build Conveyancing
- New Businsess
- Private Wealth and Inheritance
- Professional Negligence
- Property Finance
- Property Law
- Recovery & Insolvency
- Regulatory, Compliance & Competition
- Residential Property
- Residential Property - Completions
- Residential Property - Shared Ownership
- Terms and Conditions
Award winning legal advice
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.