Inheritance tax is an emotive and often complicated issue. Not everyone truly understands what it means, or what the ramifications are of failing to procure expert advice. It becomes a particularly thorny problem when dealing with high-value homes and large estates. Read on to find out the facts about inheritance tax and how to get the best advice.
What is Inheritance Tax?
In the UK, inheritance tax is a tax which is applied to the estate (material wealth) of someone who has sadly passed away. Currently, this tax is set at 40% of any worth above £325,000. Inheritance tax doesn’t apply in every situation. If the deceased person left everything to their spouse or civil partner, there is no inheritance tax to pay. This also applies if the estate is left to a charity or community sports club.
It’s clear to see that many different factors decide how much if …