Inheritance Tax
Inheritance Tax is levied on the estate of someone who has died, if the value of their estate is over £263,000. Any value over this figure will be taxed at 40%.
Inheritance tax used to be seen as mainly a tax on the rich, but with the explosive rise in house prices in recent years, more and more estates are falling within its scope.
There are many ways of ensuring that your estate pays as little tax as possible, such as giving assets away to your children, but the rules are complex and professional tax advice is recommended if your estate is likely to be over the threshold of inheritance tax.
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