Independent inheritance tax planning

Ensure your legacy benefits those you love, with Inheritance Tax Planning

Recent UK tax reforms have changed the landscape for inheritance taxes, making previous tax-efficient strategies no longer viable.

Large inheritance tax bills upon death can throw those you love into further disarray and distress. Leave a well-planned, future-proofed legacy with inheritance tax planning advice from one of our experienced, independent Financial Advisers.

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A couple enjoying time together while planning their legacy

The standard IHT rate

40%

How does Inheritance Tax Work?

Inheritance Tax (IHT) is a 40% tax levied upon someone’s estate (money, property, and possessions) when they die. It is only put into action above the tax-free allowance.

The Standard Tax-Free Allowance (or Nil-Rate Band) is £325,000. If you leave your main home to your children or grandchildren, your tax-free threshold increases by £175,000 (Residence Nil-Rate Band), pushing your individual tax-free allowance to £500,000. If you are married, assets passed between spouses are 100% tax-free, and unused tax-free allowances can be transferred to the survivor. This means a couple's combined tax-free threshold can reach up to £1 million. However your Nil-Rate Band on your main residence will be reduced if your total estate value exceeds £2 million.

A compliant, tax-efficient plan

How to Legally Reduce the Inheritance Tax you Pay

There are exemptions and reductions which can help ensure more of your money goes where you want it to. Rest assured that no IHT is payable if you leave your estate to your (UK-based) spouse or civil partner. IHT is usually due at the end of the sixth month after death.

Our fully-regulated Financial Advisers will likely suggest gifting strategies, Trusts, specialist investment plans, and life-cover as the best ways to handle IHT, as well as keeping open lines with your solicitor and accountant to ensure your plan is perfectly in place.

Gifting strategies and Trusts

Gifting strategies help you to support your beneficiaries immediately whilst you’re alive, however watch out for the ‘seven year rule’ where the gift is still subject to IHT for this period.

A Trust, meanwhile, allows you to remove assets from your estate, decreasing your IHT liability, whilst giving you more control over your estate. The seven year rule also applies when placing assets into a Trust. It protects your wealth for your beneficiaries when you pass away, and helps them to get money before probate (the often long-winded legal process of administering a deceased person’s estate).

However, not all Trusts reduce IHT, and can come with complex tax rules, so it’s crucial that you understand the ways in which your Trust will hold your money.

Pensions from April 2027

Pensions used to be a simple route to minimise your IHT, but from April 2027, your pension pots will be factored into your estate too.

Remember to inform your pension provider who you wish to pass your pension pot on to, this can save time and ensure the right beneficiaries benefit from your money.

Specialist investment plans

Specialist Investment plans are available, however these carry risks that need to be understood fully.

A common type is a BR scheme (Business Relief Scheme). Any money invested into one of these plans does not form part of any IHT calculation on your estate after two years. One of our regulated independent advisers can explain these in more detail to you.

Writing Life Cover in Trust to Meet the IHT Bill

This legal arrangement transfers the ownership of any life insurance policies you took out to your nominated Trustees.

The Trustees will then distribute these funds directly to your beneficiaries upon death. These funds will bypass your estate and avoid probate delays.

You can decide who benefits, and when - for example, stating that your grandchildren can only benefit from the funds after their 18th birthday.

See our advice guides on Gifting & Trusts

Independent. Chartered. Personal.

Why choose a Chartered, independent adviser?

Inheritance tax planning advice allows you to pass on your wealth to those you love, in a completely compliant yet tax-efficient way. We co-ordinate estate planning holistically and completely independently, looking across the whole of market to ensure our expert suggestions are the best fit for your needs - not restricted to one product or firm.

Our Chartered status and unbiased, fully FCA-regulated compliance means we are industry-leading in our expert knowledge and commitment to the best client outcomes, so your legacy will be in trusted hands.

The Giliker Flynn team outside their Newcastle-under-Lyme office

Getting to know…

Charlotte Woodward

Who are you?: Charlotte Woodward, DipPFS LLBHons, a Financial Adviser with Giliker Flynn
What’s your job?: I’m a customer-facing Financial Adviser who joined the Giliker Flynn team in 2022.
What makes you tick?: Outside helping our wonderful clients, I love to travel - and whilst I’m there, snowboard, surf, and run!

Meet the Team

Clear advice, no surprises

Our process & fees

01
After an initial consultation, we’ll continue getting to know you and the provisions you’ve already set in place.
02
Completing our due diligence, we’ll then look at whole-of-market solutions from the entire spectrum of what’s available, before suggesting the best options to fit your priorities and preferences.
03
Once you’re happy, we’ll implement your chosen solution.
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An optional, annual check-in can be arranged to update any preferences and check on your plan’s progress.

Transparent fees from the start

We believe in keeping everything clear. That’s why we ensure you’ll know exactly how much your inheritance tax planning advice will cost you before you commit.

Our Fees Book Your Consultation

Local expertise, nationwide support

Inheritance tax advice near you

Giliker Flynn was founded in Staffordshire’s Newcastle-under-Lyme back in 2015, and we’ve been serving clients in Stoke-on-Trent, Staffordshire, and beyond since then. You can trust us to know you - where you are, and where you’re going - and dedicate ourselves to understanding how you want those left behind to benefit.

We support local Staffordshire-based children’s specialist SEND charity The Peter Pan Centre, and are always looking to support the next generation.

Reviews

Real Google reviews from people we've helped

Andy Dale

6 months ago

“Hi found Giliker & Flynn via the Unbiased financial advice website, they match IFA's to your needs without any prejudice/misunderstanding. I met with Chris Flynn per their introduction, I found Chris very approachable. Chris put my mind at rest immediately, and I felt in safe hands to discuss my personal finance and pension needs has I approach retirement with several Pensions and investments. Thanks Chris and team for you assistance to date.”

Rockett Home Rentals

1 year ago

“Chris is extremely generous with his time and a very knowledgeable and personable advisor.”

Glyn Carberry

9 months ago

“Before I chose Giliker Flynn to look after my pension, I looked at the reviews and recommendations and that is why I have chosen them to look after my pension investment. I can honestly say I have nothing but praise for Francis and for the work she has done since taking charge of my pension investment. I can wholeheartedly recommend Giliker Flynn and Francis. this decision based on my own personal experience”

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Straight answers

Inheritance Tax Planning FAQs

01How much is inheritance tax in the UK?

UK Inheritance Tax is a government tax on your estate - property, money, possessions - when you die. It is only charged on estates over £325,000, or £500,000 if you leave your home to children, grandchildren, or stepchildren. Transfer unused allowance to a surviving spouse or Civil Partner and their combined tax-free threshold is up to £1,000,000.

02How can I reduce my inheritance tax bill?

There are various tax-compliant ways to get more of your wealth to your beneficiaries, from gifting (see the Seven Year Rule and the Annual Gifting Allowance) and Trusts to spousal transfers, charitable donations, regular income gifting, and placing Life Insurance into Trust.

Explore savings & investments

03Do I pay inheritance tax on my pension?

From April 2027 you will. Pensions used to be an asset you could pass on without taxation. However, unspent pensions pots will now be factored into your estate, and count for IHT. Note that pensions aren’t legally a part of your estate, so make sure to inform your pension provider who you wish to pass your pot on to.

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04What is the seven-year gifting rule?

You can pass on unlimited amounts, tax-free, as long as you survive seven years after gifting. If you pass away before the seven years, the gift will be taxable, but is subject to a sliding scale of tax called Taper Relief. Similarly, if you choose to leave 10% or more of your estate to charity, your IHT tax rate drops from 40% to 36%. You are also able to give away £3000 of gifts each tax year, untaxed.

05Do you work with my solicitor on estate planning?

It’s important to keep everybody on the same page when it comes to your IHT plans. Your solicitor ensures your wishes are all legally watertight, which is crucial. We can also work alongside your accountant, who will ensure your financial structures and tax reliefs are compliant and tax-efficient.

Plan your legacy for those you love

Our inheritance tax advice will help more of your savings go to your beneficiaries, leaving them with straight-forward, actionable plans to benefit from your generosity. Contact us now and start to plan the best legacy.

01782 840 590

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