Inheritance Tax

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.