Inheritance Tax Planning

Protect your hard-earned savings & assets for future generations.

Inheritance Tax is a tax on the estate of someone who has died. It is possible to minimise the tax due or avoid the need to have to pay the tax altogether by careful estate planning.

Don’t delay – take action today! Speak to our dedicated private client team and ensure you are leaving your estate in the most tax efficient way possible.

Minimise your exposure to Inheritance Tax, call 01482 225566 and chat to our Private Client Solicitors in Hull & Beverley.

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Inheritance Tax Planning Hull FAQs

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Why would I need to consider Inheritance Tax planning?

It is an important part of life to ensure that the correct taxes are paid. It is just as important to ensure that you do not pay tax unnecessarily.

Would you pay income tax if you didn’t have to? Probably not. So, why do so many people pay Inheritance Tax when they don’t have to?

Some people seem to think that Inheritance Tax is payable and there’s nothing they can do about it. In our experience, they are often wrong. There are many ways to make sure you do not pay more Inheritance Tax on your death than you should such as leaving your estate to certain exempt beneficiaries, leaving gifts to charities or ensuring life policies or pensions are set up in a certain way.

What reliefs are available?

Everyone can currently pass up to £325,000 tax free. This is called your nil rate band. If you have made substantial lifetime gifts this can the amount available of your nil rate band on death. If you have a spouse or civil partner and you leave everything to each other on first death, then this tax-free allowance is increased to £650,000 on second death. There are various other reliefs which might be able to be claimed by your estate such as main residence relief, agricultural or business property relief. The availability of these reliefs will depend on how your assets are held, the tax rules at the date of your death and also any other competing interests you might have to consider when estate planning.

What about my pensions and life insurance?

A lot of people have some sort of private pension arrangement or life insurance policy in place however, if you were to die before retirement, any death benefits or policy payouts could form part of your estate if the fund is not written into trust. It would be sensible to discuss your pension scheme or life policy with the provider to check that your pension is written into trust.

What if I have given my home away?

This type of gift will only be exempt from IHT if you survive it by a full 7 years. There are also rules which prevent you from continuing to live in the property. This would be classed as a gift with a reservation of benefit which HMRC will not recognise and thus the value of your property will be counted back in to the IHT calculation. We will conduct a full review of how all your assets are held and the implications of the same so you can make an informed decision and ensure that any tax planning is effective.

The current rules, laws and thresholds are always susceptible to change at any time so you should always seek legal advice when considering any of the above

Listen to our Inheritance Tax Planning Hull experts

Byron Swarbrick

Byron Swarbrick

Director and Senior Solicitor

What makes me tick? People - I’ve often been told I’m a people person. I love talking…

Charlotte Rice

Charlotte Rice

Assistant to the Property Team

What makes me tick? I like to be organised and know what my plan of action for…

Cheryl Leaning

Cheryl Leaning

Director and Chartered Legal Executive

What makes me tick? I like the buzz of helping clients acquire their ideal homes or extend…

Our Inheritance Tax Planning Hull Team

Claire Ryder

Claire Ryder


Chris Hutchinson

Chris Hutchinson

Senior Solicitor

Claire Ryder

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