Tonbridge: 01732 770660
Sevenoaks: 01732 747900
traditional values modern thinking
go to individual servicesgo to business services call

Inheritance Tax

Inheritance tax is a tax on capital. It is levied, at the rate of 40%, on any assets currently in excess of £325,000, which you leave to your heirs (other than your UK domiciled spouse or civil partner) or certain charities.

Many people believe that inheritance tax only concerns the very wealthy. Nothing could be further from the truth. Property prices in the South East are still at a level where the value of your home alone means your estate can easily exceed the above threshold.

Moreover some (if not all) of the inheritance tax bill normally has to be paid, in cash, to HM Revenue and Customs within six months of your death. It must also be paid before your executors can obtain probate and begin to pass assets to the beneficiaries. This often means that an expensive bank loan must be obtained, another cost to your heirs.

At Warners our experience and independent advice enables us to guide our clients through the various complexities of capital taxes planning in general, and inheritance in particular.

Warners can advise on the interaction of the various taxes that need to be considered (including capital gains tax, stamp duty land tax and pre-owned asset tax) in tax planning matters and can assist with all documentation that may be required.

Latest news