Inheritance Tax is paid if a person’s estate (their property, money and possessions) is worth more than the Inheritance Tax threshold when they die.
The current threshold, above which you must pay 40% tax, is currently £325,000 (fixed until 2020-21) for a single person. For people who are married, in a civil partnership or widowed, the threshold for Inheritance Tax is currently £650,000 between them.
From 6 April 2017, an additional Inheritance Tax threshold was introduced – known as the residence nil rate band – if your direct descendants (i.e. children including adopted, foster or stepchildren) or grandchildren inherit a qualifying residential property or a share of one.
The rules involved in inheritance tax are complex and it is for this reason alone it is important to discuss your situation with us, as only then will you be able to understand its potential effects on you, whether your loved ones will lose out on some of their inheritance and, more importantly, what can be done through us to reduce or even eliminate its effects.
The below calculator can help give you an estimate of your inheritance tax (IHT) liability.
Estate planning and the provision of Wills are not regulated by the Financial Conduct Authority
On behalf of APS Legal & Associates Ltd, Head office: Worksop Turbine Innovation Centre, Shireoaks Triangle Business Park, Coach Close, Worksop, Nottinghamshire, S81 8AP
APS Legal & Associates is a member of the Institute of Professional Willwriters
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