Gifts, Trusts & Inheritance Tax

A liability to inheritance tax can arise on disposals of assets (including property) whether by way of a gift during your lifetime or on death.

The rate of tax is often high and its impact if not fully considered can reduce significantly the benefit of a gift or inheritance.

Our team at Barr Ellison can advise you on your potential inheritance tax liability as well as possible steps tailored to your circumstances aimed at reducing or, where possible, eliminating this.

One of the key responsibilities of Executors and Administrators dealing with an estate is to ensure that the correct amount of Inheritance tax is paid on an estate and we can provide specialist advice to assist with this, whilst making sure that the full exemptions and reliefs due (e.g. business property and agricultural property) are claimed to secure the entitlement of the beneficiaries.

We can also advise on tax planning opportunities available for beneficiaries when inheriting assets from an estate, for example, through the use of Deeds of Variation and trusts. Examples of the advice we provide are:

  • Lifetime planning (e.g. trusts for business assets and for children or grandchildren)
  • Tax efficient Wills (e.g. for unmarried couples)
  • Use of exemptions and reliefs (e.g. gifts to spouse, out of income, and to charity)
  • Deeds of Variation
  • Trusts (e.g. to keep death in service benefits out of future assessments for inheritance tax)
  • Inheritance tax returns and support in obtaining an agreement of liability with HMRC.

Request a detailed Quote – we will respond promptly

You can also get in touch by email on law@barrellison.co.uk or call on 01223 417200 and ask for a member of the Personal Wealth Team.

Barr Ellison Leading Legal 500 Law Firm Personal WealthBarr Ellison LLP joins the ranking due to the strength of its personal wealth practice, which acts for world-renowned academics, high-net-worth individuals and business owners, as well as advising Cambridge colleges on private client matters. The firm is ‘extremely efficient and quick to deal with the work'.
2022 Legal 500 Guide

Barr Ellison has a “family feel” about its practice. It is very professional but at the same time is committed to tailoring its services for the needs of the individual client. Each matter is treated with the same respect and attention to detail. The last twelve months have been a test for everyone and Barr Ellison have still been able to deliver their product effectively to their clients.
2022 Legal 500 Guide testimonial

There is a real team ethos within Barr Ellison and this operates in a seamless manner for both clients and professional connections. There is a great depth of expertise that is nonetheless expressed in engaging and client-friendly terms, giving great confidence that objectives and priorities are completely understood, so that thorough advice across a wide variety of matters is effectively provided.
2022 Legal 500 Guide testimonial