Inheritance Tax (IHT) is a form of tax or duty imposed on the beneficiaries inheriting the assets on the death of a person who lives in the UK. IHT is normally due if an estate is valued over the current IHT threshold, £325,000.
IHT is payable by your beneficiaries at 40% of any amount over this threshold, for example, an estate of £425,000 would pay tax at 40% of £100,000 (£425,000 less £325,000) = £40,000.
In estates where IHT is due, our Solicitor will advise on mitigation and payment options.
If you would like to know more about how Inheritance Tax affects estates, you can call us on 01920 444 085. We can give you the information you need to deal with IHT mitigation efficiently and offer advice on the various payment options.