INHERITANCE TAX & TRUSTS
With Inheritance Tax (IHT) receipts forecast to rise by more than 50% and top £14bn by 2029-30, more people’s wealth will be subject to IHT in the future. Whatever the size of your estate, we can help you to limit your family’s exposure and keep up with the latest tax changes, so more of your wealth can be passed on to those you choose.
UNDERSTANDING THE PERSONAL & FAMILY ASPECTS
Each client has their own unique situation and personal priorities when it comes to Inheritance Tax and how they would like their wealth to be distributed. From high-net-worth individuals, entrepreneurs and landowners to trustees and beneficiaries, we help our clients to realise their succession plans, as simply and as tax efficiently as possible.
We have substantial expertise on the complex and sensitive Inheritance Tax (IHT) and succession matters that can arise for high value estates, including multi-generational and blended families, their businesses, family offices and trusts, as well as non-UK domiciles and UK domiciles living overseas.
Whether it’s setting up a dynastic trust for grandchildren and great-grandchildren or settling a family dispute, we take time to understand every client’s personal situation and family dynamics, as well as guiding them through the relevant Inheritance Tax aspects. Furthermore, our team is also able to draw on their vast personal experience of working with high value estates, both in the UK and worldwide, which is of huge benefit to clients.
Areas we cover:
- General Inheritance Tax (IHT) reviews and ongoing advice
- Lifetime planning and wealth preservation, including lifetime gifting, use of allowances and exemptions, school fee planning, setting up dynastic trusts
- Tax efficient asset and transaction structuring, and advice on IHT exempt investments
- Specialist advice and support for family investment companies, business property relief, Capital Gains Tax (CGT), offshore and onshore trusts, and high value real estate structures
- Advice relating to IHT exposure on pensions and use of gifting strategies for surplus income
- Advice for beneficiaries and heirs on their current/future IHT liabilities
- IHT reviews for farmland and landed estates and advice on Agricultural Property Relief (APR)
- Business Property Relief (BPR) reviews and IHT advice for trading businesses
- Reviews and IHT advice for non-UK domiciles and UK domiciles living abroad or returning after an absence
- Preparation of Wills and reviews, and updates of existing Wills
- Management of non-contentious probate matters and estate administration
REVIEWING IHT FOR COMPLEX ASSETS
SPECIALIST IHT ADVICE & TRUSTS
Our clients’ estates often comprise complex assets; from music rights, royalties, intellectual property and family businesses to prime residential real estate, commercial property, international investment portfolios, digital assets and cryptocurrency. As part of reviewing our clients’ Inheritance Tax (IHT) liabilities, we can consult with our in-house valuers on share, trademark and creative IP valuations, alongside our global network of trusted lawyers, offshore banks, RICS surveyors, investment managers, private wealth advisors and other niche valuers.
CHANGES TO PENSIONS & PROPERTY RELIEFS
With pensions coming under the scope of Inheritance Tax from April 2027 and restrictions to Agricultural Property Relief (APR) and Business Property Relief (BPR) relief from April 2026, major changes to IHT are on the horizon. Although the final legislation is yet to be published, our team is party to all the relevant government consultations so is in a strong position to help clients understand their potential tax liabilities and how best to mitigate them. As with the majority of tax matters, reviewing your position early is key to maximising your tax efficiency.
Working alongside our clients’ financial advisors, we ensure our succession and estate planning complements their wider financial planning. This includes advice on Inheritance Tax (IHT) exempt investments and real estate, as well as implementing life insurance arrangements to fund future tax liabilities. For larger estates, trusts offer an effective way of preserving wealth for existing family members and future generations. Whether creating offshore or onshore trusts, we work closely with existing trustees or, if appropriate, act as a professional trustee to oversee some or all of a trust’s administration and compliance.
INTERNATIONAL RESIDENTS
British domiciles living overseas may be liable to pay IHT so our residence tax specialists can advise in these circumstances. Furthermore, our International Residents team can advise Non-UK Domiciles on the impact of the new IHT rules on their worldwide assets, which are subject to UK Inheritance Tax from April 2025, if they are deemed to be a ‘long-term resident’.
PROBATE & ESTATE PLANNING
Our Inheritance Tax team works closely with our Probate & Estate Planning advisors, who are authorised by the ICAEW to handle Wills, non-contentious probate matters, lasting & Continuing Powers of Attorney, and estate administration. This is particularly useful should clients wish to check and update an existing Will or draft a new one, which we can do in consultation with their legal teams or in-house. As well as ensuring their wealth is passed on tax efficiently, over time we get to know our clients well, so we are often the advisors best placed to guide them through these very personal matters and ensure their final wishes can be carried out.
FORGING LONG-TERM RELATIONSHIPS OF TOTAL TRUST
The size of SRLV keeps client service partner-led and personalised. Each client has their own particular needs and challenges, so we shape the strongest team for them, with the right match of industry knowledge, technical expertise and personalities. We become integral to the day to day running, decision-making and strategic direction of their businesses. This is how we forge long-term relationships of total trust.
