As part of helping our clients to preserve their wealth for the future, we provide expert, practical advice on mitigating their likely inheritance tax exposure. Central to this is a thorough review of our clients’ assets and the preparation of a suitable Will.
Landed estates, farming & business assets
Many of our clients have landed, farming or business assets (or a combination of all three), and we advise in depth on maximising the availability of inheritance tax reliefs such as agricultural property relief and business property relief where possible.
Reducing estates for IHT
Many clients will wish to reduce the size of their estates for inheritance tax purposes through lifetime gifts. We can advise on straightforward situations where simply living for seven years without reserving a benefit will be effective. However, we can also advise on more complex cases, for instance, where a client wishes to give away their house but continue to live there, or wishes give away an item of value and retain it in their property.
We are also able to advise on the implications of owning or handing on property or objects with substantial heritage value, and making use of conditional exemption from inheritance tax where it is available. Further details can be found here.
An important part of inheritance tax planning is the use of trusts, and we can advise on the inheritance tax-efficient use of existing trusts, as well as the creation of new ones, as a means of preserving family wealth.
The interplay between inheritance tax and other taxes is frequently an important consideration, and we always consider this, and any non-tax considerations that are relevant, when advising our clients.
For articles on IHT and other Tax subjects, please click here
We are proud to be ranked by Legal 500 as the leading firm in Yorkshire and the Humber for agriculture and estates and personal tax, trusts and probate, and by Chambers as one of only two top-tier private client firms in Leeds.
"a gathering of like-minded people who have some superb specialisms"
- Chambers & Partners
Angus Hunter Smart