Wills & Inheritance Tax

Will review service

Huw provides a will review service which is carried out in conjunction with a specialised wills solicitor or with your own family solicitor.

Calculations are made of the potential Inheritance Tax liability and suggestions as to how any Inheritance Tax liability may be reduced.

A brief guide to Inheritance Tax

An individual can leave £325,000 free of Inheritance Tax, a married couple £650,000.

New residence Nil Rate Band

On 6th April 2017 the Inheritance Tax Laws were changed to allow an additional allowance of £100,000 per person, £200,000 per married couple where the matrimonial home is passed directly to children or grandchildren.

The relief increases to £125,000 per person, £250,000 per couple on 6 April 2018 with a further increase to £150,000 from 6 April 2019 and £175,000 from 6 April 2020.

The new Residence Nil Rate Band provides extra relief for homeowners. 

With the new relief from 6 April 2018 up to £900,000 for a married couple can be left free of tax if all conditions are met, potentially saving up to £100,000 of Inheritance Tax. A Probate form claiming this additional relief has been submitted and accepted by the Probate and Inheritance Tax office.

Note that individuals who have a discretionary trust in their will are unlikely to benefit from this new relief as the bequest is to a trust and not to a child / grandchild.  Please contact me if you wish to review your will.

Where clients under 75 have funds held in pension drawdown schemes, these can be passed on tax free in the event of an early death.  More individuals are accumulating assets in drawdown schemes as a potential way of reducing Inheritance tax liabilities.

Individuals can obtain Inheritance Tax Relief for gifts to charities and may also claim Agricultural Property Relief / Business Property Relief where applicable.

A brief guide to Lasting Powers of Attorney.

By establishing a Lasting Power of Attorney individuals can choose who looks after them if they are unable to make their own decisions.  They can be set up when an individual is well and can either start immediately or take effect as capacity fails.  There are 2 types :

  1. Financial.  This allows the Attorney to look after investments, bank accounts, maintenance or sale of property etc.  The attorney(s) can be a close family member, trusted friend or a professional person.  More than one attorney can be appointed.  I act as Power of Attorney for some clients for financial matters.

  2. Health and Welfare.  This allows the Attorney(s) to make health related decisions on the individual’s behalf and will either be a close family member or trusted friend.

Contact Huw Roberts

Client Testimonials

  • “Huw, I can’t thank you enough for all that you have done over these past few months. A very difficult time for me but I have so much appreciated your calm efficiency, good humour and expertise.”
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