Skip to main content

News story

August 1, 2024

RIAA Barker Gillette (UK) urges families to plan ahead to minimise Inheritance Tax

RIAA Barker Gillette UK, a prominent West End law firm, is urging families to take proactive steps to reduce their inheritance tax (IHT) liabilities.

inheritance tax on the rise infogram

James McMullan, Head of Private Client at RIAA Barker Gillette (UK), emphasises the importance of early planning to ensure that loved ones benefit fully from their inheritance.

Rising Inheritance Tax Receipts

According to the latest figures from HM Revenue and Customs (HMRC), inheritance tax receipts have increased by 7.2% over the past year. This trend highlights the growing burden on estates, making it more crucial than ever for families to utilise available tax reliefs and plan effectively.

Expert Advice from The Association of Lifetime Lawyers

James McMullan, also a member of The Association of Lifetime Lawyers, advocates for precautionary measures to minimise the impact of IHT on family estates. He explains, “With more estates now liable for IHT, it’s essential to plan ahead to avoid a significant tax bill for your loved ones. If the value of your estate falls below the current nil rate band allowance of £325,000, no IHT is owed, provided this allowance hasn’t been reduced by relevant lifetime gifts.”

Key Strategies to Reduce Inheritance Tax

James outlines several strategies to mitigate IHT:

  1. Maximise Nil Rate Band Allowance: For married couples or civil partners who leave their entire estate to each other, the full transfer of the nil rate band to the surviving partner is permitted, effectively doubling the allowance to £650,000.
  2. Business and Agricultural Reliefs: Estates that include business or related assets may qualify for additional reliefs at rates of either 50% or 100%. Similarly, certain agricultural properties, such as land used for rearing animals or growing crops, can pass free of IHT if specific criteria are met.
  3. The Importance of a Valid Will: Creating a will is vital to ensure assets are distributed according to the individual’s wishes. Without a valid will, estates are divided according to intestacy rules, which may not align with the decedent’s intentions. Research from The Association of Lifetime Lawyers indicates that nearly half of UK adults (49%) do not have a will, underscoring the need for professional legal assistance in drafting this crucial document.

Staying Informed and Seeking Professional Guidance

James advises keeping abreast of potential policy changes, especially in light of recent governmental shifts, and consulting with a Lifetime Lawyer to help minimise IHT obligations.

About The Association of Lifetime Lawyers

Formerly known as Solicitors for the Elderly (SFE), The Association of Lifetime Lawyers is a membership body of highly qualified legal professionals specialising in supporting older people and those in vulnerable circumstances. Members receive expert training and best practice guidance to provide top-tier advice.

For individuals unable to afford a solicitor, The Association of Lifetime Lawyers recommends seeking advice from Citizens Advice, particularly for complex wills.

For further information, please contact James McMullan today.

Note: This article is not legal advice; it provides information of general interest about current legal issues.

Stay in touch

Subscribe to our newsletter

Stay in touch

By completing your details and submitting this form you confirm you are happy for us to send you marketing communications and that you agree to our Website Privacy Policy and Legal Notice and to us using Mailchimp to process your data.


Sending

News/Insight

  • Double jeopardy of digital asset inheritance planning amid probate delays
    Hidden digital assets and mounting interest on inheritance tax bills are creating a costly double risk for families dealing with estates following the death of a loved one, as probate delays continue to impact thousands across England and Wales, addi


    Read more

  • Deal or no deal? Keeping negotiations on track
    How to keep commercial deals on track with Heads of Terms, NDAs and exclusivity, improving efficiency, reducing risk and avoiding delays.


    Read more

  • Rights and wrongs: How AI is reshaping Employment Tribunal claims
    AI may be a familiar presence in the workplace, but it’s now starting to appear somewhere less expected: the Employment Tribunal (ET). Grayson Stuckey explores this trend – and what it means for employers.


    Read more

  • Renters’ Rights Act: why process and paperwork matter more than ever for landlords
    The Renters’ Rights Act has now passed into law, marking one of the most significant shifts in the private rented sector in a generation. Most of the new measures will take effect in May 2026, with a national landlord database to follow later in th


    Read more

  • Understanding the Roles of Executors and Trustees
    When making a will, you place significant trust in those appointed to carry out your wishes. Executors and trustees are key roles, often held by the same people, but their responsibilities differ. Understanding these roles and their obligations helps


    Read more

What they say...

  • W Sandover, April 2026
    Boundary Wall dispute “Although (for complex, not relevant) reasons, this matter never reached the point of either negotiations or a court case, Barker Gillette staff provided us with excellent support. I would certainly go back to them in the

  • Client, April 2026
    Excellent suppy “Karen Cole supported me through a difficult time with warmth and professionalism. She made the entire process as smooth as possible, responding quickly to communication and giving clear advice. I would highly recommend Karen to

  • Client, April 2026
    So helpful! “Pippa Marshall listened and offered supportive, practical advice. She was very friendly, easy to talk to and did not pressure me to make any costly decisions during my free 30-minute consultation. I would definitely recommend Pippa

  • Nika Franke-Matthecka, April 2026
    “We had an excellent experience working with Michael Davies and his team on the sale of our property. They were efficient, knowledgeable, and highly diligent throughout the entire process. Communication was always prompt and clear, which made w

  • Paul Woodman, March 2026
    Will writing “Excellent service from start to finish. Efficient and good value. Charlotte was very professional, knowledgeable and understanding.”

Read more