What is inheritance tax?
Inheritance tax is a tax levied on the transfer of an individual’s estate on his/her death to non-exempt beneficiaries (subject to a nil rate band).
Inheritance Tax is usually paid on a property when somebody dies, although it is also sometimes payable on trusts and gifts which are made within 7 years of the individual’s death.
Most estates don’t have to pay inheritance tax, as they fall within the “nil rate band”. As long as your estate’s worth is not above £325,000 (gifts and trusts included) then you won’t have to pay 40% inheritance tax on any sums exceeding this threshold.
However, if you think your estate may be liable to inheritance tax on your death it is important to plan in advance so your tax liability will not be greater than it should be. There are many opportunities for tax efficient planning, if you put them in place in good time.
We can help you to alleviate the stress of worrying about the future and provide you with the tax advice you need.
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