Chattertons Solicitors
The Lincolnshire Solicitors
If you would like to arrange an appointment to discuss this or any other related issue, please click here or telephone one of the numbers given below.
With the substantial growth in house prices over recent years, more people than ever before are facing the prospect of a charge to inheritance tax (IHT) arising on their deaths.
Broadly speaking, IHT is currently charged at a flat rate of 40% on the value of a deceased person’s estate over and above the so-called “nil rate band” which from 6 April 2007 is £300,000. That tax free amount may be reduced if the deceased made gifts in the 7 years before his or her death (earlier gifts can also be taken into account in some circumstances).
However, there are also some exemptions and reliefs which may apply. In particular, gifts to charities or to a husband or wife are normally exempt from IHT and business or agricultural assets may qualify for relief at 50% or 100%.
There are various ways in which a potential IHT liability can be reduced, for example by making certain provisions in your will or giving some of your assets away during your lifetime. This is a complex area but our experienced staff will be able to guide you through it.
We can also work in conjunction with our Financial Services Department which can give financial advice in the context of IHT planning, for example on protective products to meet any potential IHT liability.
If you would like to arrange an appointment to discuss this or any other related issue, please click here or telephone one of the numbers given below.
| Boston | (01205) 351114 | Elizabeth Nicholson |
| Grantham | (01476) 591550 | Denhys Lambley or Jacquelina Johns |
| Horncastle | (01507) 522456 | Alistair Thomson |
| Sleaford | (01529) 411500 | Robert Webb |
| Spalding | (01775) 725664 | Caroline Cunnington |
| Lincoln | (01522) 814600 | Caroline Mockford |
| Newark | (01636) 673731 | Vanda Barnard or Chris Dobbs |
| Stamford | (01780) 764145 | Claudia Riordan or Tristy Pateman |