How is inheritance tax calculated?

Video will appear soon

This is more complicated that most people believe. It is based on the value of the estate of a deceased person at the time of death less available allowances plus value of any direct gifts or gifts into trusts over £3000 in value gifted in the previous 7 years. Allowance are usually a Nil Rate Band of £325,000 and a residential Nil rate band of £175,000 if a person owns or has owned a UK home.(This can be reduced for estates over £2 million). However if large gifts of over the NRB have been made in the 7 years before death taper relief (a reduction in the tax payable) is applied

More related Questions

Our specialist inheritance tax service is easier, simpler and more cost effective than instructing a Lawyer, Accountant or Financial Adviser.

Watch how we solved our client Frank's inheritance tax problem and saved him both time and money.

The information contained in this web site is for UK consumers only.  Like most firms of solicitors and accountants, Bluebond Tax Planning is not regulated by the FCA. The content of this website does not constitute FCA regulated financial advice and all content is provided for general information purposes only. Bluebond is not responsible for any action you may take as a result of information on this site. All advice will be delivered on a personal basis once we fully understand your situation and our client agreements have been signed.

Copyright © 2021 Bluebond.co.uk
-
Copyright Notice
-
Legal Disclaimer
-
Terms & Conditions
-
Privacy Policy