Inheritance tax is a tax levied on the transfer of money or property after the owner’s death. Although international law establishes distinctions between the two, it is commonly referred to as “estate tax.”
A commonly asked question is ‘How much money can you inherit before you have to pay taxes in the UK?’ Well, within the UK the standard tax rate for inheritance tax is 40%, but this is only charged when the estate is over the tax-free threshold of £325,000.
Inheritance tax or IHT can be quite a sensitive subject for many families and individuals, yet it is an important area that should be planned and thought out with the support of IHT specialists. We have a team of experts that can work with you to help you reduce or avoid IHT in a number of ways you may not of considered.
How to reduce your IHT bill for your family:
- Make a gift to your partner/spouse
- Give money to a family member and or friends
- Leave money to charity
- Take out life insurance
If you would like to talk through these options with one of the team, get in touch.
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