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Inheritance Tax is the tax that is paid on your 'estate'. Broadly speaking this is everything you own at the time of your death, less what you owe. It's also sometimes payable on assets you may have given away during your lifetime. Assets include things like property, possessions, money and investments.

Inheritance Tax

Inheritance tax thresholds and rates. If you are single and die during the tax year 2016-2017 with an estate worth more than 325,000 (including money, property and investments, but after deducting debts and expenses such as funeral costs), 40% tax will become due on anything above 325,000.

this is a link to the UK Governments website relating Inheritance Money and tax

Inheritance Money and tax

Who pays Inheritance Tax?  Estates and lifetime gifts. Not everyone pays Inheritance Tax on death. It only applies if the taxable value of your estate (including your share of any jointly owned assets and assets held in some types of trusts)

There are also a number of exemptions which allow you to pass on amounts (during your lifetime or in your will) without any Inheritance Tax being due, for example:

If your estate passes to your husband, wife or civil partner and you are both domiciled in the UK there is no Inheritance Tax to pay even if it's above the nil rate band

most gifts made more than seven years before your death are exempt (but see the next section on trusts and companies)

The Inheritance Tax threshold (or 'nil rate band') is the amount up to which an estate will have no Inheritance Tax to pay.

If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, Inheritance Tax will be due at 40 per cent on the amount over the nil rate band.

 

     Independent web link for further information on planning for and protecting your inheritance            www.inheritanceissues.co.uk

This is a link to the UK Governments website relating to Tax

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/InheritanceTaxEstatesAndTrusts/index.htm

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