If your assets exceed the current Inheritance Tax Nil Rate Band of £325,000, the proportion of your estate over this amount may be taxed at 40%. The values of your home, savings, shares, insurance and pension fund could mean that your estate faces a sizeable Inheritance Tax bill on your death.


There are various exemptions and reliefs that may be claimed or used to reduce your likely inheritance tax bill. These include annual exemptions, small gifts, gifts on the occasion of the marriage of a child or grandchild, gifts to charities, agricultural property and business property relief. Larger gifts of capital may be exempt, depending on how many years it is since the gift was made.


Following changes in the Inheritance Tax rules, it may now be possible to have a Nil Rate Band of double the current threshold on the death of the second spouse or civil partner. These changes may have rendered previously drafted Wills less tax-efficient than they originally were.


Whether you are making your first Will or updating an existing one, we can visit you at home to advise you on the most tax-efficient structure for your Will.