Inheritance tax is a tax on an individual's estate. However, the exempt amount from inheritance tax varies depending upon how you leave your money. There is usually no inheritance tax to pay if your estate's value is below the threshold or you leave everything to your spouse or civil partner, a charity or a community amateur sports club. For more information about this important tool, visit our Wills and Probate Glossary.
Married couples and civil partners can get all the inheritance tax (IHT) benefits of married couples if their estate is worth less than the current threshold of £325,000 per person. Any income tax advantages are also available to you. If your estate is worth more than £650,000, you can't claim the IHT marriage allowance. However, there is no limit on the amount of allowance that can be claimed for civil partners.
The standard inheritance tax rate is 40%. So if you pass on up to the threshold, nothing will be charged. But if your estate is above that amount, then the 40% rate will be charged on the part of your estate that’s above the threshold.
Our Wills cover all the key areas and ensure your final wishes are carried out correctly. Your will is one of the essential documents you'll ever make, and it gives direction to what happens when you die.
If someone close to you has died, dealing with the Estate Administration can make it extremely stressful. There are many legal and financial jobs and tasks to complete while dealing with personal grief, and let us deal with those formalities for your family at this emotional time.
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