Inheritance Tax is the tax your estate may have to pay on the value of your assets when you die.
Your estate does not pay any Inheritance Tax on assets up to the value of £325,000. Your estate would be completely exempt from Inheritance Tax if you are passing assets to your spouse or a charity. Certain types of business and agricultural assets may qualify for relief from Inheritance Tax. Otherwise, the value of your assets over £325,000 is taxed at 40%.
Gifts that you make and trusts that you have set-up during your lifetime can reduce the £325,000 allowance.
In addition to the allowance of £325,000, there is a further allowance of £100,000 for property passed to direct descendants. This figure is set to rise to £175,000 by 2020.
Understanding and planning your finances around Inheritance Tax could conceivably save your family thousands, if not hundreds of thousands of pounds. However, so-called Inheritance Tax planning can be complex, and it’s important you always remain within the boundaries of the frequently-changing laws in this area.
For effective Inheritance Tax planning advice, contact one of our Wills and Probate experts below.
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