Oliver's Wills Ltd - professional will writers
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Inheritance tax

Inheritance tax is only payable where the estate of the person who died is valued over £325,000. £325,000 is the level set for the 2023 to 2024 tax year, also called the Inheritance Tax threshold. Where an estate is worth at least £325,000, the amount over this is taxed at 40% (not the whole amount, just the amount over this level).
A persons estate is the value of all their possessions and property etc, and includes gifts made during the seven years before their death. There are certain assets which will NOT form part of their estate though, and this can include life assurance in trust for another person, or jointly held assets such as property.
Since October 2007, married couples and civil partners can inherit the unused allowance from their deceased spouse / civil partner.
Currently this can mean a surviving spouse / civil partner can gift up to £650,000 tax free.
Therefore if on the first death, the allowance was not used, then the executors or personal representatives can transfer the first unused portion of the allowance to the surviving spouse or civil partner when they die.
There are many ways to reduce the tax payable, but most of these should be put into place before you die.

Gifting is one option, but there are ways to gift and yet keep control of that investment.

Investing into inheritance tax friendly investments is another option - especially the older you get.

Please ask us for more information.

April 2017 tax changes

If you leave property that you have lived in to your children or grandchildren, then you may also be able to claim a new allowance of £175,000 on top of your personal inheritance tax allowance. This allowance started in April 2017. The allowance is however subject to a few conditions, so please contact us to see if you can claim this new but important allowance.

Important! Due to current commitments, we are not able to take new enquiries until mid July 2025. If you are happy to call us from July, we hope we can help you. Existing clients may still call as normal for updates or changes though. Thank you. ​​

We can help you arrange a Will or lasting power of attorney without needing a personal face to face appointment, and so we can also offer discounted Teams, Skype, Zoom, FaceTime, WhatsApp, Messenger or many other types of video calls.
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Call us or use our contact us page for more details.

Call us on 0800 3 345 245 for more information!
Calls to 0800 numbers are part of your inclusive minutes for mobile phones so should be at no cost.
Oliver's Wills Ltd are Members of the Institute of Professional Willwriters No. 2154
Although Oliver is a solicitor - Oliver's Wills Ltd is not an SRA regulated business.
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