What is Inheritance Tax?
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. Your assets include things like property, possessions, insurance policies that pay out but aren’t in trust, money and investments.
Inheritance Tax is charged at 40% on all your assets in excess of the current nil rate band (the amount of your wealth on which your beneficiaries will pay no “death” taxes) which is £325,000 for 2010/11.
Call one of our Inheritance Tax Planning advisers on 0800 0112825 or complete the enquiry form in confidence to see how we can assist you.
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Also visit our inheritance tax questions section where we cover a number of the detailed aspects of estate planning you should be considering.
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