Bartletts Solicitors

Helping Chester & Wrexham Families & Business For Over 158 Years

Call Us Free   Phone  0800 988 3674  
or Mobile  Mobile 0333 200 4465  
  • Home
  • About Us
    • Liverpool Office
    • Wrexham Office
    • Matthews Lewis Hoole Solicitors
    • Our Commitment to Wales
    • Our Costs
    • Careers
  • Our Services
    • Personal Injury
      • Free Personal Injury Enquiry
      • Accidents At Work?
      • Accidents In A Public Place?
      • Children’s Accident Claims
      • Construction Site Injury Claims
      • Cyclist Injury Claims
      • Defective Product Injury Claims
      • Head Injury Compensation Claims
      • Industrial Disease Claims
      • Hospital Negligence Claims
      • Medical Negligence Claims
        • Dental Negligence Claims
      • Motorbike & Cycling Accidents
      • Office Accident Claims
      • Road Accidents
      • Slips, Trips & Falls
      • Successful Claims
      • Supermarket Accidents
      • Warehouse Accident Claims
      • Other Accident Claims
        • Animal Attack Personal Injury Claims
        • Holiday Accident & Injury Claims
        • Military Injury
        • Cosmetic Surgery Compensation
        • Slips, Trips and Falls at Hotels
        • Sports Personal Injury Claims
        • Horse Riding Accidents
        • Water Park Accidents & Illnesses
        • Theme Park Accidents
        • Water Sports Accidents
        • Festival & Fairground Accidents
        • Campsite and Caravan Park Accidents
    • Housing Disrepair Claims
      • What Is Housing Disrepair?
      • FAQs About Housing Disrepair Claims
      • Suing a Housing Association for Disrepair
      • When Should You Claim Against Your Landlord For Unfit Housing?
      • Housing Disrepair Compensation Calculator
      • How Much Compensation Can You Claim For Housing Disrepair?
      • Do I need to give my landlord notice of a housing disrepair claim?
      • Compensation for Injuries to Children Caused by Housing Disrepair
    • Wills & Probate
      • Wills
        • FAQs About Wills
        • Deed of Variation Solicitors
        • Suing a Dead Person’s Estate
        • Will Disputes & Inheritance Claims
        • Dependancy Claims
      • Probate
        • What to do when a loved one dies – A legal guide
      • Prices For our Wills & Probate Services
      • Power of Attorney
      • Court of Protection
      • Estate Administration
        • Trusts
        • Life Interest Trusts
        • Tax Planning
        • Planning For Long Term Care
    • Residential Conveyancing
      • Buy-to-Let Conveyancing
      • Chester Conveyancing
      • Liverpool Conveyancing
      • The Conveyancing Process
        • Conveyancing Quote
        • How To Avoid Being Gazumped
      • New Homes
      • Buying Your Home From the Council or Housing Association
      • First-Time Buyers
    • Commercial Conveyancing
      • Landlord and Tenant
      • Business Leases
      • Buy To Let
      • Stamp Duty on Commercial Property Leases
      • Negotiating Commercial Lease Terms
    • Agricultural Law
      • Farming Tenancies legal advice
      • Contract Farming/Share Farming Agreements
      • Capital Gains Tax
      • Planning Succession to Farms
      • Conversion of redundant buildings & barns & tax consequences
      • Environmental Law Issues
      • Development Options for Farm Land
    • Hair, Beauty & Laser Claims
      • Hairdresser Injury Compensation
        • Cuts & Bleeding at Hair Salons
        • Hair Dye Allergic Reactions
        • Hair Straightening Injuries
        • Hair Extensions Injuries
        • Hair Perming Injuries
        • Hair Infections & Diseases
      • Eyebrow Wax Burns
        • Eyebrow Tinting Injuries
        • Eyebrow Threading Injuries
      • Eyelash Tinting Injuries
        • Eyelash Extension Injuries
        • Eyelash Perming Injuries
      • Laser Treatment Injury Compensation
        • Laser Hair Removal Injuries
        • Laser Skin Resurfacing Injuries
        • Laser Tattoo Removal Injuries
        • Laser Vein Removal Injuries
      • Other Beauty Claims
        • Acupuncture Gone Wrong?
        • Body Piercing Injuries
        • Chemical Skin Peel Injuries
        • Cellulite Treatment Injuries
        • Injuries at Health Spas
        • Microblading Injuries
        • Microdermabrasion Injuries
        • Nail Injuries
        • PDT Treatment Injuries
        • Pedicure Infections
        • Semi-Permanent Make-Up Injuries
        • Syringoma Electrolysis Injuries
        • Sunbed Tanning Injuries
        • Tattoo Injuries
        • Waxing Treatment Injuries
  • Reviews
  • Meet Our Team
  • News
  • Contact

Tax Planning

Tax planningNobody likes to think about death or paying taxes but prudent Tax Planning can save your successors money and prevent a slice of your estate from making its way into Government coffers. Tax Laws change periodically. Currently, no Inheritance Tax is payable on each estate with a net value of £325,000.00 or less. This is known as the ‘Nil Rate Band’. This may sound like a lot of money but if you consider the assets of both you and your spouse plus the value of your property, Inheritance Tax may be a serious issue. If your estate is worth over £325,000.00, your estate will have to pay 40% tax on anything over that amount unless exemptions apply. Exemptions include:

Spouse Exemption

Everything bequeathed to your spouse or civil partner is free from Inheritance Tax.

Transferable Nil Rate Band

On the 9th October 2007, the government introduced the ‘Transferable Nil Rate Band’. It effectively simplifies an inheritance tax problem by allowing spouses and civil partners to bequeath their estate, or residue of their estate to their spouse or civil partner along with any unused Nil Rate Band to be transferred as well. For example, if your spouse bequeaths £81,250.00 in gifts (i.e. 25% of their allowance) and the residue to you, you will have your own Nil Rate Band plus the remaining 75% of your spouse’s Nil Rate Band (i.e. £243750 plus £325,000 = £568,750). This could amount to quite a large bequest being free from Inheritance Tax should you outlive your spouse since the Survivor’s estate will benefit from its nil rate band plus the unused nil rate band of the deceased partner.

Charity Exemption

Gifts to UK charities are not liable for Inheritance Tax. Some people choose to leave a portion of their estate to a charity in order to reduce the tax payable.

Annual Allowance

Every person in the UK has an annual allowance of £3,000.00 free of inheritance Tax. This means that you can give away assets in any form e.g. cash or a specific item up to the value of £3,000.00 without being liable to Inheritance Tax if you die within 7 years of this gift (if you live within 7 years from a gift being made it can be exempt despite being larger than £3000). We can advise you on this difficult area.

Capital Gains Tax

The base value of your assets for Capital Gains Tax is uplifted on your death to the then current value.

Residuary Estate

Your residuary estate is the value of your assets after any liabilities are paid and any gifts have been distributed. When administering the Will, liabilities may include debts, mortgages, inheritance tax, funeral expenses and any other expenses incurred during the distribution of your estate. If there is property involved, there may be expenses incurred in selling the property, including paying bills up until the property is sold and Solicitor’s and Estate Agent’s fees in dealing with the sale.

Make an enquiry today

For further information or advice about Inheritance Tax please contact Bartletts Solicitors today

You can contact our specialist solicitors at our Liverpool, Chester or Wrexham offices or email advice@bartletts.co.uk.

Alternatively, you can Make An Online Enquiry and one of our team will be in touch with you as soon as possible.

Wills & Probate

  • Wills & Probate
  • Wills
  • FAQ’s About Wills
  • Will Disputes & Inheritance Claims
  • Probate
  • Court of Protection
  • Estate Administration
  • Prices For our Wills & Probate Services
  • Power of Attorney
  • Deed of Variation Solicitors
  • What to do when a loved one dies – A legal guide
  • Trusts
  • Life Interest Trusts
  • Dependancy Claims
  • Planning For Long Term Care
  • Tax Planning
  • Suing a Dead Person’s Estate

Make A Free Enquiry

     

    What Clients Say

    "Your staff could not have done more for me and my husband. Always pleasant when I phoned or called in nothing was too much trouble."

    - Brenda February 16, 2021

    Why Choose Us
    • Settled over 12,000 accident claims.
    • Recovered over £68 million in compensation.
    • A true No Win No Fee service.

    Read More>>

    Meet Our Team

    Latest News

    • Probate Property Sales Solicitors
    • Wills And Probate Solicitors
    • Probate Solicitors Near Me

    © Bartletts Solicitors Limited 2024 – Offices in England and Wales

    • Careers
    • Contact
    • Unhappy With Our Service?
    • Legal
    • Cookies Policy
    • Privacy Policy
    • Facebook
    • LinkedIn
    • Twitter

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
    Cookie SettingsAccept All
    Manage consent

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
    CookieDurationDescription
    cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
    cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
    cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
    cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
    cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
    viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
    Functional
    Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
    Performance
    Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
    Analytics
    Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
    Advertisement
    Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
    Others
    Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
    SAVE & ACCEPT