Inheritance Tax Planning Solicitors
Many people are surprised to discover that their estate could be liable for inheritance tax (IHT). Rising property values across South London and Surrey mean that homeowners who’ve never thought of themselves as particularly wealthy may hold estates well above the IHT threshold. Without proper planning, a significant portion of what you’ve spent a lifetime building could pass to HMRC rather than the people you care about most.
The good news is that there’s often a great deal that can be done. Our inheritance tax planning solicitors work with individuals, homeowners and business owners to assess their position and put legal structures in place that reduce IHT liability lawfully and effectively. We draw on our wider Wills, trusts and estates practice to deliver joined-up estate planning that reflects your full circumstances, not just one isolated aspect of your finances.
Our solicitors approach inheritance tax planning advice with clarity and care, offering practical, proportionate solutions tailored to your situation.
Speak to an inheritance tax solicitor today
To speak with a specialist about inheritance tax planning, please call 0208 680 5018 or contact your nearest Atkins Hope office in Croydon, Medway, Blackheath or Guildford.
If you’d prefer to get in touch online, simply complete our online enquiry form and a member of our team will respond promptly.
When you may need inheritance tax planning
You may benefit from speaking to an inheritance tax solicitor if:
- The total value of your estate (property, savings, investments and other assets) exceeds or is likely to exceed £325,000
- You own a residential property you’d like to pass to children or grandchildren
- You run a business or hold agricultural land
- You’ve recently inherited assets or received a substantial gift
- You want to make tax-efficient gifts during your lifetime
- Your existing Will hasn’t been reviewed with tax planning in mind
How inheritance tax works
IHT is charged at 40% on the portion of an estate that exceeds the available allowances. The standard nil rate band (NRB) is £325,000. An additional residence nil rate band (RNRB) of up to £175,000 applies when a residential property passes to direct descendants such as children or grandchildren.
This means an individual may shelter up to £500,000 from IHT, and married couples or civil partners can potentially combine their allowances to protect up to £1 million. You can read more in our guides on how inheritance tax works and the nil rate band for property.
Our inheritance tax planning solicitors can assist with:
- Lifetime gifting strategies
- Trusts for IHT mitigation
- Business and agricultural property relief
- Will-based tax planning
Our inheritance tax planning services
Lifetime gifting strategies
Giving assets away during your lifetime is one of the most accessible ways to reduce the value of your estate. Gifts to individuals are potentially exempt transfers (PETs), meaning they fall outside your estate entirely if you survive seven years from the date of the gift.
You can also make use of the annual gift exemption of up to £3,000, smaller gifts to individuals and gifts from regular income, all of which can be IHT-free immediately.
Our solicitors will review what you can realistically afford to give, advise on the most tax-efficient approach and ensure gifts are structured and documented correctly to avoid complications for your estate later on.
Trusts for IHT mitigation
Placing assets into a trust can remove them from your taxable estate while still allowing you to influence how and when they benefit your family. Discretionary trusts, in particular, offer flexibility over distributions and can be effective vehicles for protecting wealth across generations.
Our solicitors will advise on the most appropriate trust structure for your circumstances, prepare the necessary legal documentation and ensure ongoing compliance with trustee obligations. Trusts can be complex, so professional guidance is essential to ensure they achieve the intended outcome.
Business and agricultural property relief
If you own a qualifying business or agricultural land, significant IHT relief may already be available to you. Business property relief (BPR) can reduce the taxable value of qualifying business assets by up to 100%, while agricultural property relief (APR) applies to the value of farmland and certain farm buildings.
Shares in AIM-listed companies (companies listed on the Alternative Investment Market) may also qualify for BPR after two years’ ownership. You can learn more in our guide on IHT planning and AIM shares.
Our solicitors will assess whether your assets qualify, advise on structuring your interests to maximise available relief and ensure your Will and wider estate plan reflects those reliefs correctly.
Will-based tax planning
A well-drafted Will is central to any effective IHT planning strategy. Without one, intestacy rules determine how your estate is divided, and valuable reliefs and exemptions may not be used as efficiently as they could be.
A Will can be used to direct assets to exempt beneficiaries, establish trusts, make charitable gifts (which can also reduce the IHT rate applied to the rest of the estate to 36%) and ensure available nil rate bands are fully utilised.
Our solicitors will review your existing Will or prepare a new one with IHT mitigation firmly in mind. We’ll also consider how pensions and life insurance policies interact with your wider estate plan, ensuring every element works together.
How we work with you
We start by getting a clear picture of your estate: what you own, how it’s held and what you’d like to happen to it. From there, we identify the reliefs and strategies available to you and explain your options in plain language. You’ll never be asked to commit to an arrangement you don’t fully understand. Our advice is practical, proportionate and built around your specific situation.
Where appropriate, we’ll coordinate with your financial adviser or accountant to ensure your IHT planning integrates with your wider financial position.
Why choose Atkins Hope for inheritance tax planning?
Our Wills, trusts and estates team combines technical expertise with a genuine understanding of what matters to families. We have offices in Croydon, Medway, Blackheath and Guildford, making face-to-face advice accessible for clients across South London and Surrey.
Rest assured that our solicitors will give you the time and attention your estate deserves, with transparent fees from the outset. Details of our estate administration pricing are available online.
Frequently asked questions
How much is inheritance tax in the UK?
IHT is charged at 40% on the portion of an estate that exceeds the available allowances. A reduced rate of 36% applies where at least 10% of the net estate is left to charity. The standard nil rate band is £325,000, and the residence nil rate band provides up to a further £175,000 for eligible estates passing a home to direct descendants.
When should I start inheritance tax planning?
The earlier you start, the more options you’ll have. Some strategies, such as lifetime gifting, require seven years to take full effect. Starting in your 50s or 60s gives you time to put a range of measures in place without feeling rushed, and means any changes in your circumstances can be accommodated.
Can a solicitor help me reduce inheritance tax legally?
Yes. IHT planning solicitors use lawful strategies including gifting, trusts, business reliefs and Will structures to reduce the taxable value of your estate. Our advice is always grounded in established law, and we won’t recommend anything that creates unnecessary risk for you or your family.
Do I need a solicitor or a financial adviser for IHT planning?
Both can play a role. Solicitors handle legal structures such as Wills, trusts and gifts, while financial advisers manage investment decisions. For comprehensive IHT planning, the two disciplines work best together, and we’re happy to coordinate with your existing advisers.
What happens if I do nothing about inheritance tax?
Without planning, your estate will be taxed at 40% on everything above the available thresholds. Reliefs and exemptions that could have reduced the bill may go unused, leaving your beneficiaries with a substantial tax charge. In some cases, uncertainty over the estate can also lead to disputes. Our contentious probate solicitors can help if difficulties have already arisen.
Plan your estate with Atkins Hope today
To speak with a specialist about inheritance tax planning, please call 0208 680 5018 or contact your nearest Atkins Hope office in Croydon, Medway, Blackheath or Guildford.
If you’d prefer to get in touch online, simply complete our online enquiry form and a member of our team will respond promptly.
