Estate planning
Inheritance tax planning
It is perfectly legal for a person to minimise the amount of tax that is due from their estate and to protect their assets from attack (for instance, in the case of care fees) just as long as the methods used are in fact legal themselves. Omni Lifetime Planning specialise in all of these areas.
When a relative dies, and leaves an estate worth more than £325,000, families are required to pay 40% tax on the value of the money and property left to them over and above the £325,000 threshold. This is known as inheritance tax (IHT).
Inheritance tax is no longer something only the well-off need to worry about. Each year, several thousand more estates are dragged into the IHT net. Your estate includes all your assets, as well as property it includes savings and investments as well as life cover, bank accounts and physical property such as cars, furniture and family heirlooms. This is why your estate could be considerably over the threshold without you even being aware of it.
To protect your estate from the tax man and to ensure your money goes to the people you care about most, now is the time to start planning. We’ll help you understand the different options available to reduce your IHT liability. This could include lowering the amount of inheritance tax by reducing the taxable value of your estate by making gifts or investing in inheritance tax efficient products and services.
Call us today to see how we can help.
Financial advice
Where your plan involves investments, pensions or life cover, that advice is provided by our sister company Omni Financial Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 737468).
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Book your free first meeting
No obligation. We can meet you at our St Albans office or at your home.
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Our sister company
Financial advice from Omni Financial
Estimate your inheritance tax in two minutes with Omni Financial’s free calculator, then talk to an adviser.
Q&A
Questions & answers
How much can I leave before inheritance tax is due?
Everyone has a nil-rate band of £325,000. A further residence nil-rate band of up to £175,000 can apply when your home passes to children or grandchildren. Married couples and civil partners can pass unused allowances to each other. Tax is normally charged at 40% above the available allowances.
Which gifts are free of inheritance tax?
Gifts to a spouse or civil partner and to charity, the £3,000 annual exemption, small gifts of up to £250 per person, and regular gifts made from surplus income. Other gifts normally fall out of your estate after seven years.
Are pensions affected?
From April 2027 most unused pension funds will count as part of your estate for inheritance tax. Our sister company Omni Financial can review your pensions and your plan together.
Your first meeting is free
Talk to our estate planning team in St Albans. Call 01727 220053 or send us a message.