Well, it was not unexpected that the Inheritance tax (IHT) nil rate band (NRB) – the amount a taxpayer can pass on without paying IHT – is to remain at £325,000, the amount it has been for 13 years (since 2009). It has been announced that it will remain at present levels until 2028, a 19 year freeze.

All doubt about the freeze was removed when the Chancellor rose to his feet in the Commons this week to deliver the Autumn statement and announced a raft of tax rises, including so called ‘stealth taxes’ that more and more people are liable for as rising property prices increase the value of people’s estates meaning more and more people become liable to pay IHT.

IHT is a tax, remember, that is paid at 40% of the chargeable value of your estate on death.

It is therefore more imperative than ever that you ensure you maximise the IHT allowances available to you. Suitable trust wills accompanied by estate planning is part of this. For a married couple with their own home, the general NRB of £325,000 and the residential NRB (worth up to £175,000 per person) mean that you can pass on up to £1 million before paying any IHT.

You can make lifetime gifts too – on an annual basis or on the occasion of a child or grandchild’s wedding. And you can make other gifts unlimited in amount which will pass IHT free provided you survive for at least seven years after making the gift. Even if you don’t, the IHT payable on those gifts decreases the closer you get to the seven year period. But lifetime gifts are beyond the scope of this blog. A good Financial Adviser can advise you about these.

Estate planning with appropriate trust wills is really important if you are to ensure that as much of your estate passes to your descendants as possible. Whilst not the only consideration, tax implications are an essential part of that planning.

Is it time for you to get the right wills in place?

Making wills is less daunting than you think and can be done through one or more of meeting in person, appointments by telephone, communication via email, text, WhatsApp and through the post. We work at times to suit you, whether daytime, evenings or weekends.

Contact us for a ‘no obligation’ chat about possible next steps. We’d love to hear from you. We will send you information and a clear indication of costs before you commit to anything.

Talk of wills can be taboo, but add it to your list of things to do!