Nobody likes to pay more tax than is necessary, that said many individuals and couples who wish to leave a legacy to friends and family make plans far too late.

Inheritance tax (IHT) potentially becomes payable on all your assets upon your death, such as personal possessions, property, savings accounts etc. There are certain exemptions, for example if you leave a legacy to charity.

If your assets are worth less than the agreed threshold, no tax is payable. This threshold is known as the Nil Rate Band and currently stands at £325,000 for an individual in 2011/2012. Assets over and above the Nil Rate Band are subject to a flat rate 40% tax.

With careful planning we can help to reduce and/or offset the amount of tax due on your estate after your death.