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Understanding Inheritance Tax in the UK

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sam.kim168960

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Understanding Inheritance Tax in the UK
« on: June 04, 2024, 03:58:32 PM »
Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has died. Here's a brief overview of what you need to know about inheritance tax in the United Kingdom:

What is Inheritance Tax?
Inheritance Tax is a tax applied to the value of an estate upon death. It is designed to tax the transfer of assets from one generation to the next.

Why and When to Pay Inheritance Tax?

Threshold: The standard threshold for IHT is 325,000. If the estate’s value is below this amount, no IHT is due. If it exceeds this threshold, the estate will be taxed at 40% on the amount above the threshold.
Residence Nil-Rate Band: An additional allowance, known as the residence nil-rate band, may be available if the deceased left their home to direct descendants. This can increase the threshold.
Gifts: Gifts made during a person’s lifetime may also affect the IHT calculation. Gifts given more than seven years before death are usually exempt.

Key Points

Exempt Beneficiaries: Transfers to a spouse or civil partner are generally exempt from IHT, regardless of the amount.
Charitable Donations: If 10% or more of the estate is left to charity, the IHT rate can be reduced to 36%.
Reliefs and Exemptions: Certain business assets, agricultural property, and woodland may qualify for relief from IHT, reducing the tax payable.
When is Inheritance Tax Paid?
Due Date:IHT must be paid by the end of the sixth month after the person’s death. If it is not paid on time, interest will be charged.
Payment Options: It can be paid in installments over ten years for certain types of assets, like property.
For more detailed advice and assistance on managing and paying Inheritance Tax, visit Inheritance Tax Advisors. offer comprehensive services to help you navigate the complexities of inheritance tax planning and payment.
« Last Edit: June 04, 2024, 04:03:18 PM by sam.kim168960 »

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