Inheritance Tax

With offices across Lincolnshire and East Yorkshire, including Lincoln, Grimsby and Hull, our professional and caring solicitors can help.

Inheritance Tax Solicitors

At Bridge McFarland LLP, we have extensive experience advising clients on setting up Trusts and Wills to protect their families and wealth.

We can utilise our extensive industry experience to ensure you do not pay more tax than necessary when passing your assets, property and finances to your loved ones.

Inheritance Tax Solicitors Lincolnshire

Inheritance Tax is the tax that is levied by the government when somebody gifts assets or finances (wealth). The tax is based on the value of your estate when you die. This might include:

Property
Vehicles
Personal belongings
Investments
Bank accounts
Jewellery

Currently, in the UK, the rate of Inheritance Tax upon death is 40%. However, if, in your Will, you leave 10% of your estate to charitable establishments, the rate of tax payable is reduced to 36%.

Nil rate bands

Our legal team will also be able to advise you on the various nil rate bands (NRB) that are available. The nil rate band (NRB), also known as the inheritance tax (IHT) threshold, is an amount of your estate which can be passed on to your beneficiaries free from Inheritance Tax.

Everyone has their own NRB, which is currently fixed at £325,000 per person or £650,000 for a married couple, which is set to remain at this rate until 2028.

Additionally, a ‘residence nil rate band’ (RNRB) may also be available, which was established in 2017 to try to protect the family home from inheritance tax if it was passed down to direct descendants on death. The RNRB is currently £175,000 per person and £350,000 for a married couple, which is also frozen until April 2028 at the earliest.

Inheritance tax law is complex, constantly changing, and can feel daunting when trying to put in place the most appropriate and efficient plan for you and your family. Our specialist solicitors can advise you on how to share out your estate to reduce the amount of inheritance tax due, helping you find the right solution depending on your estate and chosen beneficiaries.

Instructing a solicitor for Inheritance Tax purposes will ensure that you receive transparent and beneficial advice to help you decide how to organise your estate. When Inheritance Tax is dealt with professionally, and the plan is well-structured, you will not pay more tax than you need to.

Inheritance Tax Services

By instructing the team of experienced Inheritance Tax solicitors at Bridge McFarland LLP, you will receive competent and well-rounded advice relating to your Inheritance Tax planning.

To speak to one of our solicitors in Lincoln, Louth, Hull, Market Rasen and Grimsby today, please call 0800 987 8800.

Get in touch with our Inheritance Tax Lawyers Today

The helpful team of Private Client solicitors can advise and assist you with a variety of matters relating to your estate, including:

Other Legal Services

If you require legal advice in Lincoln, Grimsby or another area of Lincolnshire or East Yorkshire, do not hesitate to contact the team at Bridge McFarland LLP today. Our extensive and in-depth experience in personal law, business law and dispute resolution means that we provide high-quality legal advice to all clients.