We provide the complete commercial debt recovery service; from outsourced early arrears collections through to expert litigation, all handled in-house by a multi-award-winning law firm.
We provide the complete commercial debt recovery service; from outsourced early arrears collections through to expert litigation, all handled in-house by a multi-award-winning law firm.
Inheritance tax planning
By planning ahead when making your will or setting up a trust, it can be possible to reduce the amount of Inheritance Tax applicable to your estate.
The primary method of minimising the amount of Inheritance Tax due is to reduce the size of your estate by disposing of assets in such a way that is beneficial to you and your loved ones. Bringing your total estate value below the nil rate band (£325,000 by default), will eliminate the requirement to pay any Inheritance Tax.
It is also possible to reduce the amount of Inheritance Tax payable from 40% to 36% by leaving a legacy donation of at least 10% of your estate’s net value to a charity.
If you are concerned about the amount of Inheritance Tax that your beneficiaries are likely to be faced with, our solicitors can provide practical advice on:
Each of the above actions can all be effective methods of reducing the amount of inheritance tax payable.However, it is important to note that some of these options will need to be in place at least 7 years before death in order to be valid.
Our inheritance tax solicitors utilise their expert legal knowledge to maximise the amount that you leave behind.
Our in-depth knowledge of the laws surrounding inheritance tax issues, combined with our ability to tailor our advice to any individual’s circumstances, allows us to provide you with the most cost-effective options available to you.
We will explain in detail the advantages and consequences of any inheritance tax reliefs and exemptions that you may be entitled to, which will enable you to maximise the value of the estate that you leave behind for those you love.
Inheritance tax planning
With one of the largest private client teams in the Midlands, we have extensive experience in providing inheritance tax advice.
We regularly advise individuals and families on all aspects of tax planning, from lifetime estate planning through to the use of trusts and gifts, through to advising beneficiaries on how best to manage their inheritance after the death of a loved one.
Estate planning is not always straight forward. It often involves sensitive personal, religious, or cultural issues. Our Wills, Probate, Tax & Trusts team is well-known for providing meticulous advice on matters such as:
Inheritance tax planning
Inheritance Tax is applied to the value of an estate above the £325k nil rate band threshold (increasing to £500k if your home is left to your children or grandchildren in a will or trust in estates worth under £2m).
For example, an estate worth £500k would be charged £58.8k (40% of £175k), and an estate worth £2m would be charged £670k (40% of £1.675m).
There may also be stamp duty or Capital Gains Tax to be paid on your property, businesses or any shares sold after death (if they have increased in value). Although, as stamp duty and Capital Gains Tax do not apply until these assets are sold, it may be worthwhile considering entrusting the ownership of such assets to your beneficiaries in your will or trust, rather than the sale value.
It is important, however, to remember that any assets that can potentially provide a source of income (for example properties for lease, businesses, and shares) may be subject to income tax for the beneficiary who receives and continues to operate them.
Testimonial
“Claire is very empathetic and sensitive to difficult personal circumstances.”
“Will offers excellent service at all times – he is always quick to respond to any questions and he is fully effective and supportive throughout the process.”
“William is so professional, prompt and helpful. He has a friendly manner, operates in straightforward English and is always gracious. He is a competent pair of hands.”
“William Harper is very productive, quick at resolving issues, easy to talk to and knowledgeable.”
“I have dealt with William Harper and he has been exceptional in keeping me informed on the relevant issues as they have occurred and fully explaining the steps needed to resolve them. I would not hesitate in using William again should the need arise in the future.”
“Flint Bishop has always supported me in terms of legalities. Always there for me, by considering my needs and situation sympathetically.”
“Claire Rudkin was very efficient, and a hard worker. Excellent communication – explanations and communication at one-to-one meetings over complex issues were first rate.”
“I always received prompt, efficient attention from William Harper. I was never left waiting. Very approachable and kind, while retaining full professionalism. I had total confidence in Mr Harper, and would recommend wholeheartedly.”
Chambers High Net Worth 2022 | Private Wealth Law | Derby & surrounds
“Although we had no face-to-face contact we built up a good relationship with Will Harper who we dealt with exclusively. He answered the phone personally and promptly and replied to emails usually the same day.”
Private Client
“The practice has recently dealt with my late mother-in-law’s estate, probate, deed of variation and associated house sale. Despite covid, this went very smoothly with no issues and was carried out speedily.”
Private Client
“Flint Bishop dealt with my late father’s estate and land registry transfer in a very professional manner. Over the last year despite the virus restrictions, all communication by post and email was clear, concise and very efficient. A very satisfactory service was delivered.”
Private Client
“This is a very professional company. Came to use them for my mother’s will on her passing and had the pleasure of Amelia Carruthers dealing with everything. She made the experience a lot less stressful and was always there to help on any issues. In fact so impressed, they have done our wills and powers of attorney and again fully explained everything. Well worth paying that bit extra for a quality service.”
Private Client
“I have used Flint Bishop’s services on several occasions for various issues. My contact there, Shirley Illston, over the last 24 years has helped me in difficult times, when I needed good legal advice quickly. I would recommend their services for any legal assistance you require without hesitation.”
Private Client
“Excellent service, have recommended you to friends.”
Private Client
“Very impressed with the response I received from start to finish.”
Private Client
“My mum, brother and I consulted Flint Bishop last July after my father passed away. My parents Will was made with Flint Bishop so it seemed right that we would consult them when my father passed away. It was a scary time for me, as my mum relied heavily on me to deal with the aftermath of my fathers death, funeral, Will etc. but Flint Bishop totally took the worry and strain away. Wwe dealt with Samuel Balmbra and from the start of the consultation he was professional and honest. We knew exactly the cost involved and what was happening at every stage. He made something daunting for us seem very simple. I would recommend Flint Bishop and I will use them again if and when the time arises.”
Private Client
“Very professional and efficient and went way beyond our expectations.”
Private Client
“We found Will Harper to be very helpful in dealing with my aunt’s Will and the sale of her property especially under the current COVID restrictions. If we had any questions they were always answered promptly and all has gone through very quickly.”
Private Client
“Will Harper provided advice to me in relation to my mother’s Grant of Probate which was very complexed. I feel extremely fortunate to have had Will to guide me through this process at an extremely difficult and distressing time of my life. Will’s response to my enquiries was immediate, he always displayed compassion to my personal situation and would explain things in a way I could understand. Having not gone through the procedure before I had lots of questions and Will always took the time to listen to my concerns and I never felt rushed. This isn’t always the service you get with solicitors, however, after every contact I had with Will I felt more reassured. I have already recommended Will to a close friend and will continue to recommend his exemplary service.”
Private Client
“Flint Bishop routinely acts on tax planning for high-net-worth individuals, and it also covers wills, estate administration, probate, trusts, Court of Protection and elderly client matters. Led by Claire Rudkin, the practice is increasingly active in cross-border matters and represents business owners, entrepreneurs and farmers, among others.”
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For more information and advice, please contact us on 01332 226 162 or complete the form below.
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