Inheritance tax, or the ‘death tax’ as it is colloquially known, is one of the most contentious taxes in the UK. It’s also one of the least understood. Many people neglect to think about how their estate will be taxed when they’re gone, but failing to plan ahead with regards to inheritance tax can cause a significant headache for those that are left behind.

Who Pays Inheritance Tax?

Happily for thousands of pensioners, inheritance tax is only payable if your estate is worth more than £325,000. However, your estate will have to pay a hefty 40% on anything above that threshold.

So, if you leave a total estate worth £400,000, your beneficiaries could potentially lose £30,000 to the tax office.

How Can You Limit Inheritance Tax?

If you have an estate worth more than £325,000, there are a number of legal ways to limit your estate’s inheritance bill and help maximise your intended heirs’ inheritance.

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We’re delighted to have strengthened the conveyancing team in our Newport office with the appointment of experienced solicitor Sarah Beynon-Williams.

Sarah has joined our expanding Newport conveyancing team to work with existing clients and manage the new contracts we’ve recently won with local and national panels.

Moving to Howells from another legal practice in South Wales, Sarah has previously managed busy departments and has extensive conveyancing experience.

Sarah is looking forward to her new role. She said: “In my previous position, I was responsible for the growth and development of two departments within the practice.More...