Inheritance tax (“IHT”) is currently taxed at a rate of 40% on any amount over the current threshold of £325,000. A reduced rate of 36% is payable if the estate qualifies as a result of a charitable donation.
Since the pre-budget statement of October 2007, married couples and registered civil partners can now effectively increase the available threshold on their estate on the death of the second parter – up to as much as double the available threshold (currently equivalent to £650,000).
There are also a number of exemptions available even on estates that would otherwise be over the threshold limit when passing assets that do not attract IHT. These include:-
– Spouse exemption
– Charity exemption
– Potentially exempt transfers
– Business, agricultural or National Heritage reliefs
PLS Solicitors specialise in advising on the complex area of family law, especially Wills, Trusts and Probate. We offer a friendly, efficient and effective legal advice on any area of family law.
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