We were recently asked for a second opinion on advice that was given by a solicitor. The solicitor had given good advice about how best to use the nil rate band for inheritance tax purposes – advice which would potentially save the beneficiaries of the clients’ estate thousands of pounds if house prices go up quicker than the nil rate band (which is frozen until 2019).
Although the solicitor had given good advice, there was a substantial inheritance tax liability that he had failed to address. After discussions and recommendations, we were able to help the clients plan their estate to reduce this liability, saving hundreds of thousands of pounds of potential future inheritance tax. We also reduced the amount of income tax and capital gains tax that the clients are likely to pay now and in the future.