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Home icon For all your accountancy needs call us Truro. 01872 272047 | Falmouth. 01326 375587

COVID-19: As a firm, we are heeding the Government’s advice, and all our staff are now working from home.

Our offices are closed to clients and visitors, but if you need to drop off records, please telephone ahead to arrange a date and time for someone to be there.

It is business as usual at Lang Bennetts, so please let us know if you require our assistance. We are picking up e-mails and all our staff can be contacted via the usual office numbers.

What our clients say...

The support Lang Bennetts have given us over the last 13 years has helped our business in a number of ways.

"They have also helped with new acquisitions that has allowed us to grow and expand our branch network across Cornwall, Devon, Dorset, Bristol, Somerset and Wiltshire."

Mark Mitchell, Cornwall Glass & Glazing

Inheritance tax

IHT may be payable when an individual's estate is worth more than the IHT nil rate band when they die.

Lifetime and death transfers between UK domiciled spouses are exempt from IHT.

For 2020/21, a further nil rate band of £175,000 (2019/20 - £150,000) may be available in relation to current or former residences.

The IHT threshold available on death may be increased for surviving spouses as there may have been a nil rate band not used, or not fully used, on the previous death.

There are reliefs for some business and farming assets which reduce their value for IHT purposes.

IHT may also be payable on gifts made in an individual's lifetime but within seven years of death.

Some lifetime gifts are exempt.

Transfers of assets into trust made in an individual's lifetime may be subject to an immediate charge but at lifetime rates.

There are also charges on some trusts.

Threshold

Standard nil rate band: £325,000

Rates

Rate %
Lifetime rate 20
Death rate 40
Death rate if sufficient charitable legacies made 36

Reliefs for lifetime gifts

Annual Exemption: £3,000

Small Gifts: £250

Marriage: The amount of relief depends on who the gift is from...

Gift from Amount (£)
Parent 5,000
Grandparent 2,500
Bride/groom 2,500
Other 1,000

Reduced charge on gifts within seven years of death

Years before death % of death charge
0-3 100
3-4 80
4-5 60
5-6 40
6-7 20