Beyond Compliance
Inheritance Tax Advisers
Protecting what’s rightfully yours
When managed incorrectly, Inheritance Tax (IHT) can greatly reduce the value of a family's property, possessions and estate. So if you want to ensure as much money as possible goes to your loved ones, you'll need to discuss and plan for your future with our specialist Inheritance Tax advisers.
INHERITANCE TAX
How can we help?
Inheritance Tax Planning
Our team can help you fully understand your Inheritance Tax implications and commitments. We'll then plan the most tax-efficient way to pass on your wealth.
Inheritance Tax Relief
The nil rate band for Inheritance Tax in the UK is currently £325,000. Anything above the threshold is taxable at 40%, but there are reliefs and exemptions available. We'll advise on your eligibility.
Wills
It's never a good idea to leave the distribution of your estate to chance. We're here to guide you through the will-making process and ensure all your wishes are met.
Trusts
We can help mitigate your Inheritance Tax liability by assigning trust funds for family members, reducing the total amount your family will be due to pay back to HMRC.
Gifts
Whether given outright or as part of a trust, gifting is an important consideration for any wealth management strategy and can help protect your estate as it is passed down through your family.
Get in touch
Careful inheritance tax planning is essential to ensure your loved ones will never have to consider selling your family home, heirlooms or investments to cover the cost of your inheritance tax bill.
Partner, Amal Shah, has decades of experience in tax planning and will make sure you benefit from all available tax-free allowances and deductions.
We’d be happy to arrange a free consultation – simply fill in the enquiry form or call us on the number below to speak to an inheritance tax specialist.
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+44 (0)20 7299 1400Get in touch
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WHY CHOOSE US?
Specialist, trusted IHT support
At Gerald Edelman, we provide expert guidance to help you make the most of your estate. Our team of Inheritance Tax specialists bring deep knowledge and experience, ensuring every recommendation is tailored to your unique circumstances and goals.
Whether you're planning ahead or managing an estate, we work closely with individuals, families, and executors to protect assets and reduce tax exposure. We take the time to understand your goals and offer innovative solutions that give you confidence and peace of mind.
With a reputation for quality and a commitment to excellence, you can trust us to deliver advice that truly makes a difference.
COMMON QUESTIONS
Frequently asked questions
Could we use a Family Investment Company (FIC) as part of our inheritance tax strategy?
A Family Investment Company (FIC) is a bespoke investment vehicle. It’s a company whose directors and shareholders are, usually, individual family members or those close to you.
An FIC can hold a wide variety of assets, including property and shares. It’s a flexible way to manage investments and decide how each member benefits, based on different share types. For example, directors, who are usually senior family members, can keep control by holding voting rights. Meanwhile, other shareholders, often children, hold non-voting shares. These members still receive economic benefits (profit distribution and capital growth, for example).
You could use an FIC as part of your Inheritance Tax strategy. It’s worth considering because the company’s assets are legally separate from your personal assets. That means the value of those assets does not form part of your estate, which reduces the total Inheritance Tax bill payable on death.
What are Potentially Exempt Transfers (PETS)?
Potentially Exempt Transfers (PETs) are gifts made during a person’s lifetime that are not immediately subject to Inheritance Tax when the gift is made. However, it may be taxed should the donor pass away within seven years from the date of the gift.
The effective rates of tax on the excess over the nil rate band are:
- 0 to 3 years before death: 40%
- 3 to 4 years before death: 32%
- 4 to 5 years before death: 24%
- 5 to 6 years before death: 16%
- 6 to 7 years before death: 8%
What is a Trust?
A trust is a legal arrangement used to protect and pass on assets. One party (the settlor) gives someone else (the trustee) control of assets to manage for the benefit of a third party (the beneficiary).
Trusts can be a valuable tool for managing family wealth and planning for the future. This is because placing assets into a trust removes them from your personal estate. So, like a Family Investment Company, it’s another option for those planning their approach to Inheritance Tax.
Trusts come with a variety of tax and reporting requirements, so we recommend speaking to one of our advisers for more information.
Why draw up a will?
It is important to make a will because:
- If you die without a will, there are certain rules which dictate how the money, property or possessions should be allocated. This may not be how you would have wished your money and possessions to be distributed.
- Unmarried partners and partners who have not registered a civil partnership cannot inherit from each other unless there is a will, so the death of one partner may create serious financial problems for the remaining partner.
- If you have children, you will need to make a will so that arrangements for the children can be made if either one or both parents die.
- It may be possible to reduce an estate’s tax bill if Inheritance Tax advice is taken in advance and a will is made.
- If your circumstances have changed, it is important that you make a will to ensure that your money and possessions are distributed according to your wishes. For example, if you have separated and your ex-partner lives with someone else, you may want to change your will. If you are married or enter into a registered civil partnership, this will make any previous will you have made invalid.
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