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Inheritance Tax Planning

Our experts can identify the best tax structures to preserve your wealth

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Inheritance tax planning involves taking steps to minimise the amount of tax that may be due on the transfer of assets to your heirs after your death. 

This can be done by various means, including making gifts, creating trusts, using exemptions, allowances and available reliefs, and creating complex wills. By planning ahead, you can ensure that your assets are passed on to your loved ones in the most tax-efficient way possible and potentially reduce the tax burden on your estate.

What is inheritance tax and when does it apply?

Inheritance tax (IHT) is a tax paid on the estate of a person who has died, including all assets like property, money, investments and possessions. It can also be payable if you undertake trust planning during your lifetime.

In the UK, the threshold for paying inheritance tax on the estate left by the deceased person is £325,000. If the estate is worth less than this, there’s no IHT to pay. If the estate is worth more than this, IHT will be due at the rate of 40% on the amount exceeding the threshold. There are certain exemptions and reliefs that may be available to reduce IHT liability, which is why it’s important to discuss your circumstances with professionals.

In the UK, the nil rate band threshold for paying inheritance tax on the estate left by the deceased person is £325,000. There is an additional residence nil rate band threshold available to qualifying estates which pass the family home to children and/or grandchildren. If the estate is worth less than the available thresholds factoring all gifts made by the deceased within the seven years immediately preceding their death, theres no IHT to pay. If the estate is worth more than this,  IHT will be due at the rate of 40% on the amount exceeding the threshold.

There are certain exemptions and reliefs that may be available to reduce an estate’s IHT liability; some of which will happen automatically, while others need to be incorporated into your estate and financial planning. This is why it’s important to discuss your circumstances with professionals; the sooner you review your circumstances the more options you will likely have to save against, or be able to better manage, your eventual IHT.

Why choose Price Slater Gawne?

If you are worried about leaving a large IHT bill for your loved ones, Price Slater Gawne can help you to decide which inheritance tax planning strategies are right for your individual and wider family circumstances.

Price Slater Gawne can offer expert help in navigating the complexities and intricacies of the UK tax system, identifying the best structures to preserve and protect your wealth. By getting to know you, your estate and your goals, we can get a clear idea of which tax planning strategies are right for you. From minimising your income tax to keeping a watchful eye on any capital gains, we will plan together, so you save money and don’t pay any more tax than is necessary.

Our specialist team is experienced in many different aspects of inheritance tax planning. If you would like to speak to a member of our team, please contact 03333 058375 or email WealthProtection@psg-law.co.uk

Read our inheritance tax planning FAQs here.

Meet the Team

  • Laura Bywater

    Partner, Head of Wealth Protection

    Laura Bywater

    t:07939 121341

    e: laura.bywater@psg-law.co.uk

  • Gareth Williams

    Partner, Court of Protection & Wealth Protection

    Gareth Williams

    t:07497 839796

    e: gareth.williams@psg-law.co.uk

  • Nina Sperring

    Partner, Wealth Protection

    Nina Sperring

    t:07301 218133

    e: nina.sperring@psg-law.co.uk

  • Gail Galloway

    Senior Associate, Wealth Protection

    Gail Galloway

    t:07399 781788

    e: gail.galloway@psg-law.co.uk

  • Lydia Palmer

    Legal Assistant, Wealth Protection

    Lydia Palmer

    t:07399 565976

    e: lydia.palmer@psg-law.co.uk

  • Marie Fletcher

    Legal Assistant, Wealth Protection

    Marie Fletcher

    t:07399 803662

    e: marie.fletcher@psg-law.co.uk

  • Alexandra Hales

    Paralegal, Court of Protection & Wealth Protection

    Alexandra Hales

    t:07957 958134

    e: alexandra.hales@psg-law.co.uk

  • Suzanna Warburton

    Paralegal. Wealth Protection

    Suzanna Warburton

    t:07946 579067

    e: suzanna.warburton@psg-law.co.uk

What Our Clients Say About Us...

  • “Gail has been very professional, polite and quick to respond throughout the transaction. Would happily recommend.” Mick Jennings


  • “Top class solicitors, provided a hassle free, professional service… if you’re looking for a firm that really seems to care, charges reasonable fees and doesn’t swallow you up in legal jargon - I’d highly recommend giving them a call.” Anne-Marie Armstrong


  • “The whole team has been accessible and very well informed.” Legal 500


  • “I have received a very caring and professional service from both Laura and Gail. All my concerns were answered in a considerate and prompt fashion. Thank you very much.” Justine Abrahams


  • “Gail is my solicitor and has helped me in every stage of my husband’s estate. Because I can no longer write she has simplified things for me and is very approachable whenever I ring, and doesn’t make me feel stupid when I ask stupid questions!” Margaret Borthwick


  • "Very personable and friendly, technically very strong and very ethical and client focused." Legal 500


  • "Gareth Williams, can give advice to HNW individuals with complex planning needs and also acts as a professional deputy for individuals who have been awarded significant personal injury and medical negligence claims, technically very strong and has a great understanding of the needs of the client and how to provide the appropriate solutions and service." Legal 500


Wealth Protection FAQs

For answers to common, specific questions, read our Wealth Protection FAQs.

Why Choose Price Slater Gawne

  • 01


    We are forward-thinking lawyers who always put the client first.

  • 02


    Client excellence is at the core of everything we do: it is the heart and soul of our firm.

  • 03


    Our expertise is sought by clients throughout the United Kingdom.

  • 04


    We act with integrity, putting your welfare and satisfaction front and centre of everything we do.

Get in Touch

If you would like to speak with one of our expert lawyers, just call or email using the information below, or complete this form.

If you would like to speak with one of our expert lawyers at Price Slater Gawne either by telephone, video conference or at our offices in Altrincham, please complete this form with your details and we will be in touch very soon.

call03333 058375 mailinfo@psg-law.co.uk

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