Inheritance Tax

Inheritance tax (IHT) is a tax on the estate of someone who has passed away.

Inheritance Tax

Inheritance tax (IHT) is a tax on the estate (ie: cash in the bank, investments, property or business, life insurance policies) of someone who has passed away. How much you pay will be based on the value of the estate minus any debts and liabilities. Normally, there is nothing to pay if the value is below £325,000, but anything above this, and you could be liable for 40% tax (or 36% if you leave at least 10% of the net value to a charity in your will) .

If you plan to pass on any assets or money after you die there are a number of ways you can avoid or reduce your Inheritance Tax. You can also give away a certain amount during your lifetime, tax-free, and without it counting towards your estate.

If you have a tax question ask about IHT, please get in touch. Talk us through your family circumstances and financial arrangements so that we can build a picture of your requirements and then advise you as to the most appropriate route forward.

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