Inheritance Tax planning and advice

Planning ahead for Inheritance Tax

You’ve worked to build up your wealth. But now could be a good time to check if Inheritance Tax could impact what your loved ones get to inherit. We’re here to help you put plans in place which could make a difference to your loved ones’ futures.

Inheritance Tax was often seen as something that only affects the very wealthy. But that’s no longer the case. The good news is there are ways you could reduce a potential Inheritance Tax bill – although the sooner you act, the more options you have and the lower the potential cost.  

That’s where we come in. 

• Our Inheritance Tax advice and planning service could help you get ready ahead of time.
• We’ll be able to check if you currently, or in future might have, an Inheritance Tax liability.
• You can receive personalised recommendations that consider your circumstances.
• Best of all, it costs absolutely nothing up front to hear our tailored advice. You’ll only be charged if you go ahead and act on our advice.

We’ve been helping people plan their financial futures, including making Inheritance Tax plans, for over 35 years. Our expert advisers can support you in creating a plan that works for you.

What is Inheritance Tax?

Inheritance Tax is a tax paid on the value of your estate (if it’s above a certain amount) when you die. It’s typically charged at a rate of 40%. 

Your estate is made up of more than just your home, from property to savings, to cars and antiques. If all these assets have a combined value of more than the personal nil rate band (minus any debts like a mortgage), your estate may be liable to foot the bill.

• The current nil rate band is £325,000 a person.
• If you’re married, in a civil partnership or widowed, your nil rate band is up to £650,000.
• If you plan to leave the home you live in to a direct descendent, you could have an extra main residence nil rate band available, worth £175,000 a person.

From April 2027, your pension will also be considered part of your estate for Inheritance Tax purposes. The government are currently holding a consultation on how this will work in practice and are expected to provide an update in 2025.

What could our Inheritance Tax advice do for you? 

If you think you might be impacted, we can help you navigate the complicated rules and regulations of inheritance tax – and make those difficult conversations as simple as possible.

We could help sort your assets, calculate how much tax your estate is likely to pay, and potentially help to reduce the possible liability. 

If you’re not sure how much your estate might have to pay or how you could reduce it, we could help. 

What are the benefits of planning for Inheritance Tax?

Inheritance Tax bills can often run into thousands of pounds. In some cases, your loved ones would have to find some or all the money to pay it before they can inherit what you want them to have.  

So, there are a lot of good reasons to plan, such as

1. Providing a stronger inheritance for your loved ones.
2. Preventing any surprises for them in the future.
3. Giving you peace of mind that you have plans in place that help your loved ones receive what you want them to have. 

The benefits of speaking with Skipton:

Advice tailored to you

Everyone’s situation is different, so we’ll always treat you as an individual and make recommendations that factor in your future wishes. 

Clear explanations

We’ll provide you with a clear understanding of your options and answer all your questions. So, you feel confident deciding your next steps.  

No pressure (that’s a promise)

You’ll never be pushed into acting on our advice. Take as long as you need to choose whether to take up your personalised plan. 

Prefer to call us?

Arrange your appointment by calling us on 0345 607 9756.