Inheritance Tax is a tax payable to HM Revenue and Customs when somebody dies.
The tax is calculated based on the value of the deceased person’s estate, taking into account assets, money and assets held in trust and gifts made within 7 years of death.
As with most UK taxes, Inheritance Tax is only payable at a certain threshold and at present, Inheritance Tax is payable on estates valued over £325,000 and any amount above this level is taxed at 40%.
As part of the process of lifetime estate planning, we can advise you of action you can take to minimise any inheritance tax liabilities payable on your estate. We can also provide advice to those dealing with the estate of a deceased person to help ensure they pay the right amount of Inheritance Tax.
Our Wills & Probate Team are here to help you with the often complex matter of Inheritance Tax.