How Much Inheritance Tax Will I Need to Pay?

In the United Kingdom, inheritance tax (IHT) is calculated based on the value of the estate left by a deceased individual. Every individual has a tax-free threshold, also known as the Nil-Rate Band, which is currently set at £325,000. Subject to various exemptions, inheritance tax on death is charged at either 40% or 36% on the amount in the estate over the available Nil Rate Band. The exact rate of tax depends on the terms of the person’s Will.

The decisions taken by an individual in their lifetime can impact the IHT that is payable on death and to mitigate the taxation payable, it is vital that a proper plan is put in place. At Culver Law, one of our main responsibilities is to help you create this plan, since the laws around inheritance tax are dynamic, meaning they can and do change. In these circumstances, your plan may also then need to change to adapt to this.

How Can Culver Law Help?

Our team at Culver Law are experts in taxation, so we are able to provide bespoke solutions to any tax issues that arise. Finding a resolution to inheritance tax queries can be a difficult task, especially considering the legal processes sometimes involved. Some of the ways in which we can help you with IHT include;

  • Correctly valuing the estate involved

  • Assessing which forms are required to send to HMRC

  • Ensuring tax forms are accurately completed

  • Making sure payments are made in a timely manner, avoiding unnecessary interest

  • Identifying lifetime gifts and potentially exempt transfers (PETs)

  • Checking that executors claim any reliefs available

  • Discussing the implications of tax towards family businesses

  • Appealing IHT decisions at a Tax Tribunal or with HMRC

How Can I Reduce Inheritance Tax?

We are here to help you identify areas of inheritance that can be managed effectively to reduce inheritance tax. We can do this by assessing lifetime gifts and identifying any potentially exempt transfers, known as PETs. Many people choose to gift assets to their children, and if you live for seven years after making this gift, the value of it will fall out of your estate for inheritance tax.

We will review other ways of inheritance tax relief, assessing any other taxes which could be triggered. Identifying other reliefs available, such as business property relief, could be important for your long-term financial prospects. Using our services will therefore give you the best chance of finding the most suitable tax relief strategy for you.

Bespoke Service

Our main tax service offers an analysis of your circumstances, to see how we can save you tax in all aspects of your life enabling you to put your money to better use. This is particularly important for inheritance tax because we want to know any potential routes for tax relief that you could be entitled to, based on a number of unique circumstances. We provide a complex report confirming your current tax position and the steps you can take to reduce inheritance tax. Having a good relationship with our clients is important to us, and allows for a more personalised approach to each client's needs.

Our Rates

We offer a 5 working day turnaround for our full tax report service from receipt of payment. Our typical tax reports consist of half an hour to establish your circumstances, 3 hours to prepare the report and 1 hour to discuss the report and help you move forward. The hourly rate charged here is £360 giving an average cost of £1,620.

Our clients consider this a worthy investment when the return is often saving them hundreds of thousands of pounds in tax; money that could benefit your family in the future.

Meet the Team

Michael Culver

London Office

44 Southampton Buildings, London. WC2A 1AP

Michael Culver

Michael is a Chartered Tax Adviser (CTA) with the Chartered Institute of Taxation and a member of the Association of Contentious Trusts and Probate Specialists (ACTAPS). His expertise in taxation, including inheritance tax, has assisted a number of clients through effective tax planning and informed advice, identifying areas of potential tax relief and exemptions, saving clients money for their families’ futures.

  • Tel: 0203 633 6226
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Amy Wallhead

Cambridge Office

9 Hills Road, Cambridge. Cambridgeshire. CB2 1GE

Amy Wallhead

Amy joined Culver Law as a partner in March 2023. She advises on all aspects of non-contentious Private Client work including Wills, Trusts, Estate Planning and Probate and specialises in advising older and vulnerable clients.

Amy has extensive experience in assisting clients to structure their estates in the most tax-efficient manner. This provides the clients with peace of mind that their loved ones will be provided for and that they will not have to pay more tax than is necessary.

  • Tel: 01223 653010
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We’re Here to Guide You Through the IHT Process

If you want to put a proper plan in place to mitigate your IHT liability in the future, or if you are an executor concerned about your obligations, please contact us to discuss further.

T: 0203 633 6226
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Culver Law, London
44 Southampton Buildings
0203 633 6226
Company No. 13313009

Culver Law, Cambridge
9 Hills Road
01223 653010

Authorised and Regulated by the Solicitors Regulation Authority. SRA Number: 820401.

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