Inheritance Tax is a tax on the value estate of someone who has died. The value is calculated by aggregating the value of all their assets, including their property, money and possessions, and then deducting the value of any debts.
Depending on who you are leaving your estate to on death, there are some exemptions that apply. However, generally each individual has a threshold of £325,000, which they can leave without Inheritance Tax being payable. This is known as the Nil Rate Band. Then any part of a person’s estate valued over this threshold is charged at the standard inheritance tax rate of 40%.
This threshold was extended in April 2017 with the introduction of an additional threshold to offset against the value of a property, known as the Residence Nil Rate Band. There are a number of limitations and exclusions to overcome to ensure that your estate can take advantage of this additional threshold, which we can help you with.
Our team of experienced experts are happy to talk through with you the potential tax implications relating to your situation – helping you understand any reliefs and exemptions and contacting HMRC if you are an executor of an estate. Our overall aim is to put you in a position where you understand the Inheritance Tax legislation and can reduce your estate’s liability to pay this.
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Our friendly and experienced Wills, Trusts & Probate team can help you make plans for your own affairs, as well as supporting you in administering an estate if somebody close to you dies.
Contact us to receive a free quote for our will and Lasting Power of Attorney services, either by completing our online form or by calling 01603 620508.
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Our Wills, Trusts & Probate team are recommended in The Legal 500 UK for their strong private client practice across our three branches. Partner and head of department, Lisa Glynne is also recognised as a 'Leading Individual' in the rankings.
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