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Our IHT & estate planning guide is packed with actionable insights that will help you:
IHT is paid on assets bequeathed when a person dies, it may also arise on certain lifetime gifts. The current rate of IHT is 40% which is payable where the total value if the gift exceeds the nil rate band (currently £325,000). This rate is reduced to 36% by leaving at least 10% of your estate to charity.
Those who are married or in a civil partnership will potentially have a combined nil rate band of £650,000 and the transfer of your main residence to your direct descendants attracts an additional tax-free allowance. Reliefs are available in respect of qualifying business and/or agricultural assets providing certain conditions are met.
IHT on chargeable lifetime gifts (i.e. to a trust) is either paid by the recipient or the taxpayer (the donor). IHT due on death is reported and paid by the executors of the Estate and oftentimes reduces the final value of what’s left for beneficiaries. This is particularly important to consider when gifts made during your lifetime fall to be taxed as less than seven years has elapsed between the date of the gift and the event of your death.
The relationship of the beneficiary to the donor, the type of assets held, and domicile status all play a part in the amount of IHT due on gifts made from your estate.
This guide is perfect for anyone who is planning their estate, wants to reduce inheritance tax, or is simply looking to secure their family’s financial future.
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The guide covers everything from understanding inheritance tax basics to advanced estate planning strategies, tax exemptions, and common pitfalls to avoid.
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