If your estate is worth £325,000 or less, you are not required to pay any inheritance tax. This amount is known as the 'nil rate band'. Anything above this nil rate band is taxed at 40%.
As a result of changes in tax legislation in 2007, married couples and civil partners are now able to transfer their nil rate band allowances; any allowance not used in connection with the first partner in the event of their death is then available for transfer to the surviving partner and used for the benefit of their estate.
Professional inheritance tax advice from Wills and Trusts and more comprehensive planning could save your family huge amounts of money.
For more information simply email firstname.lastname@example.org call the number below to speak to a member of our team today.
Why You Should Write a Will | The Laws of Intestacy (or what happens if you die without a will) | Inheritance Tax | Signing a Will | Executors and Guardians | Trusts and Trustees | Single and Double Wills