Keep more of what you've worked for in the family
Inheritance Tax can take a significant bite out of the estate you leave behind. With the right planning, much of this can be reduced or avoided altogether, leaving more for the people who matter most.
- Practical, honest advice
- Tailored to your estate
- Qualified, insured SWW members
The basics
What is Inheritance Tax?
Inheritance Tax (IHT) is a tax paid on the value of someone's estate, their property, money and possessions, after they die. It is currently charged at 40% on the portion of an estate above the available tax-free threshold.
Many people assume Inheritance Tax only affects the very wealthy. In reality, rising property prices mean more and more families are finding themselves liable, often without realising it until it is too late to plan effectively.
If you're in Winscombe and want to see how this plays out for a family home in the area, including property ownership structure and the Property Protection Trust, read our Inheritance Tax Advice guide.
Thinking of simply gifting property to reduce the value of your estate? It's worth understanding the Gift with Reservation of Benefit trap first, if you plan to carry on living in or using what you've given away.
Why it matters
What can happen without planning
Without proactive planning, your loved ones could face significant consequences that could have been avoided.
A significant tax bill
Your family faces a large bill at an already difficult time, potentially reaching hundreds of thousands.
Forced asset sales
The need to sell property or other assets quickly to cover the tax owed, often at below market value.
Delays in inheritance
Beneficiaries wait while tax is calculated and settled before they can access anything.
Less than you intended
A smaller estate passed on than you planned, simply because tax was not considered in advance.
How we can help
Ways to reduce your Inheritance Tax liability
Every estate is different, and the right approach depends on your circumstances. Here are some of the areas we commonly advise on.
Available allowances
Making full use of the nil-rate band and residence nil-rate band to maximise your tax-free threshold.
Gifting strategies
Understanding how lifetime gifts can reduce the value of your estate over time.
Trusts
Helping control how and when assets are passed on, while potentially reducing tax exposure.
Business and agricultural assets
Where reliefs may apply depending on your circumstances.
Life insurance in trust
To help cover any remaining tax liability without adding to the taxable estate.
Will structuring
Ensuring your Will is drafted to take maximum advantage of available reliefs and exemptions.
Is it worth a conversation?
Who should consider IHT planning?
- HomeownersParticularly in Bristol, Bath or North Somerset, where property values are often high.
- Estates above the thresholdIf your estate may exceed the current tax-free thresholds.
- Passing wealth to familyWant to pass on wealth to children or grandchildren as tax-efficiently as possible.
- Business ownersOwn a business or other significant assets that may attract tax.
How it works
Our approach to IHT planning
Understand your estate
An initial conversation about your estate, your family, and your goals.
Review your position
A clear review of your likely Inheritance Tax position, explained without jargon.
Put your plan in place
Practical advice and implementation, working alongside your Will and any trusts needed.
Questions, answered
Inheritance Tax FAQs
Keep exploring
Our other services
Friendly, professional guidance across everything estate planning, always personal and always in plain English.
Plan ahead, keep more.
A friendly chat costs nothing and sorts a lot. Talk to us about Inheritance Tax planning, with no obligation and no jargon.
Home visits across Somerset, or online anywhere in England and Wales.