Are you worried about the inheritance tax that may be due when you die? It may be possible to reduce it.
After you pass away, inheritance tax may be due on your estate if it's worth more than £325,000. However:
- Gifts made 7+ years before death aren't liable
- Gifts made to charities during your lifetime or in your will are exempt
- Certain lifetime gifts are exempt
Your estate will be valued after death to determine if inheritance tax is payable.
The inheritance tax rate is 40% and is payable on anything over the £325,000 threshold.
Inheritance tax is usually paid from your estate by your executor.
How to reduce your inheritance tax liability
The first step is to get legal advice based on your personal circumstances- that's what we're here for. We will assess the assets in your estate and advise you on:
- How to plan ahead to reduce your liability
- How to make tax-efficient gifts during your lifetime
