Few of us like to think about what happens after we’re gone, but thoughtful preparation can help secure the future of those we care about most. Managing inheritance tax (IHT) is a large part of estate planning, and without the right guidance, it can lead to unexpected costs for families. At Darnells, we’re here to support you with clear, practical advice tailored to your unique circumstances.
We start by understanding what matters most to you, making sure every part of your estate—your properties, savings, investments and more—is handled with care. Working together, we can create a personalised plan that reflects your values and wishes, giving you peace of mind for the future.
Our approach is all about optimising tax planning so that more of what you’ve built goes to the people you love. Staying up to date with changing tax laws and relief opportunities, our tax advisers ensure your plans are effective and fully compliant. Get in touch today to learn how we can help with your inheritance tax planning.
At Darnells, we provide specialist inheritance tax advice to help you care for your loved ones while ensuring your own financial comfort. Whether you need guidance on trusts, family assets or gifting strategies, we’ll work with you to make sure everything is in place for the future you envision.
Our estate and tax planning service helps you organise and protect your assets while making the most of inheritance tax allowances. We look at your estate as a whole, planning ahead by projecting future expenses, income and tax obligations. This way, you can feel confident that your resources will support your needs now and in the years to come.
Giving gifts during your lifetime is a practical way to reduce the taxable value of your estate while allowing loved ones to benefit right away. Our advisers help you structure asset transfers to optimise tax efficiency. Together, we’ll create a gifting strategy that aligns with your financial goals, allowing you to share your wealth confidently and responsibly.
Whether you’re looking to preserve wealth for future generations or ensure your wishes are honoured, creating a trust and a well-structured will can protect your assets and simplify inheritance for your loved ones. Our team at Darnells guides you through the options, helping you establish trusts and draft a will that ensures a smooth, responsible distribution for your beneficiaries.
If you own a family business or agricultural assets, you may qualify for specific reliefs, like Business Property Relief (BPR) and Agricultural Relief (AR), which can reduce inheritance tax on these assets. Our team provides expert guidance to structure these assets effectively, ensuring you make the most of available reliefs.
Once the estate has been fully valued and at least some of the inheritance tax has been paid, probate can proceed. This includes validating your will, settling any remaining taxes or debts and ensuring your assets are distributed according to your wishes. At Darnells, we’re here to make this process as smooth as possible for your loved ones, guiding them through both IHT and probate with care and efficiency.
For more details, visit our Probate Services page.
At Darnells, we bring over 80 years of experience as chartered accountants, delivering trusted and reliable services to individuals, families and businesses across the Southwest. We’re proud of our long history and the strong relationships we’ve built along the way. Your financial wellbeing is our priority, and we work with your best interests at heart, ensuring that every decision reflects your unique goals and values. Our team includes specialists in inheritance tax planning, estate management and a full range of financial services. By working together, our experts combine their skills and insights to offer you a seamless, comprehensive approach. Whether you’re preparing for the future, navigating complex tax matters or looking for general financial guidance, you’ll have the full support and expertise of our entire team.
Ready to plan for the future? With Darnells’ experienced chartered accountants by your side, inheritance tax doesn’t have to be overwhelming. With offices in Newton Abbot, Exeter and Totnes, we’re here to help you organise your estate efficiently, protect your legacy and bring peace of mind to you and your loved ones. To take the first step towards a secure financial future, contact us today.
The inheritance tax (IHT) threshold, or “nil rate band”, is the amount an estate can be worth before IHT is due. In the UK, this threshold is currently set at £325,000 and will remain at this level until April 2028.
If you’re passing on your main home to children or grandchildren, an additional residence nil rate band of £175,000 may apply, bringing the combined threshold up to £500,000 before IHT becomes payable. Keep in mind, gifts made within seven years of passing may reduce your nil rate band.
Making financial gifts, also known as lifetime gifts, can be an effective way to reduce the value of your estate for inheritance tax purposes. You can make tax-free gifts within your annual allowance, or you may choose to make “potentially exempt transfers” (PETs). These are larger gifts that become fully exempt from inheritance tax if you live for seven years after making them.
For more control, you can also make gifts through a trust, allowing you to decide when and to whom the gift is distributed.
In the UK, there is generally no inheritance tax on assets passed directly to a spouse or civil partner. If one spouse or partner leaves their entire estate to the other, it is typically free from inheritance tax. Additionally, any unused inheritance tax allowance can be transferred to the surviving partner, potentially doubling their threshold.
However, there is an exception if one partner is UK domiciled and the other is non-domiciled. In this case, up to £325,000 can be passed on inheritance tax-free. Anything above this amount may be subject to inheritance tax.
Darnells provides expert guidance to help you manage inheritance tax efficiently and protect your estate for future generations. Our team will work with you to explore all available reliefs and develop a tailored plan to optimise your tax position. Whether it’s through strategic gifting, trust setup or planning for your family home, we ensure your assets are organised in a way that aligns with your goals. With our support, inheritance tax planning can be straightforward, giving you peace of mind that your loved ones will benefit as intended.
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