Inheritance Tax will have to be paid if the value of your estate exceeds the threshold set by the Government currently this is:

  • Single person (Nil Rate Band) = £325,000
  • Married couples or civil partnerships (Joint Nil Rate Band) = £650,000

Inheritance TaxInheritance Tax is paid at the rate of 40% on the amount that exceeds this threshold. So, out of every £1 over the threshold your beneficiaries will only keep 60p, 40p will go to Her Majesties Revenue and Customs.

Gifts to charities are generally exempt from Inheritance Tax. If you leave a charitable gift it will be deducted from your estate before the Inheritance Tax liability is calculated.

If you estimate your estate to be liable to IHT then have you made any gifts? As these could be liable to tax upon your death.

Contact

Fields with (*) are required.
Please prove you are human!

Blog

  • The Ongoing Trend Of Leaving A Digital Legacy (122) 25/06/2019

    By the end of this century, the number of dead people on the popular social media network,...

  • Lasting Power Of Attorney (123) 19/06/2019

    A Lasting Power of Attorney (LPA) is a very important document that allows you to appoint people...

  • What Is The Difference Between Probate and Estate Administration? (154) 13/06/2019

    When someone close to you dies, it is easy to get overwhelmed by all of the tasks to be considered and the...

  • What Happens To Property When Someone Dies? (171) 07/06/2019

    One question that we frequently get asked is “What happens to a property when someone dies?” and...

  • Trust You (172) 01/06/2019

    Why You May Require a Trust According to research the main reasons why people want to create a...

  • Mick and Brenda (190) 26/05/2019

    This story is about a couple called Mick and Brenda who celebrated their 50th Golden Wedding...

  • Cryptocurrency (200) 20/05/2019

    The best way to ensure your estate, including digital currencies, are distributed as per your...

  • Disabled Discretionary Trusts (180) 14/05/2019

    So, what is a Disabled Discretionary Trust? It is a legal arrangement whereby assets (money,...

  • Estate Administration (197) 08/05/2019

    Estate administration is the process of dealing with a person’s legal, financial and personal tax...

  • How Much? (230) 02/05/2019

    The price of a Will and the other important stuff that we do. We, at Stephen James Drury &...

Facebook

Society Of Will Writers

Safe To Do Business With