Inheritance Tax is payable if the deceased’s estate exceeds £325,000 (the Inheritance Tax Threshold). For married couples and Civil Partners, there is the opportunity to transfer unused Threshold from the first death. Please see here.
Tax is charged at 40% of the value over the Inheritance Tax Threshold (or 36% if 10% or more of the estate is left to charity). Please see here.
Recently the Government announced that the Inheritance Tax Threshold would be increased, but only in respect of a person’s main home. This additional amount is known as the “Main Residence Nil Rate Band” and will be phased in as follows:
For further information, click here.
Inheritance tax must be paid within the first six months following a person’s death. If you are unable to pay the tax within this period, HMRC will begin to charge interest on future payments.
However, you must remember to get an inheritance tax number at least three weeks before you pay for it. This is easy to apply for – you can either apply for one online or via post.
If you’re looking for ways to lower the amount of inheritance tax you have to pay, this can be done but it’s complicated. Some of the ways you can do this is by:
At Hepburn Delaney, we offer an initial meeting which enables you to meet with us to talk about what help you require and to decide whether we are the right solicitors for you. The likely costs involved for advising you will be calculated on an hourly rate and will depend on the complexity of the advice you require.
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