Inheritance tax may be payable on death if the value of your assets is above the allowable limit – ‘the nil rate band’. In that situation tax is usually payable at 40%. There are a range of Inheritance tax exemptions and reliefs which are available to reduce the inheritance tax burden. In the case of married couples and registered civil partners there is a possibility of doubling the inheritance tax threshold by transferring the first spouse’s un-used inheritance tax nil rate band to the second spouse when they die. We can advise you in detail about how this may work in your particular circumstances.
If you would like to discuss your circumstances to understand how inheritance tax may affect your family, and to take advice about mitigating the effects of Inheritance tax please contact us and one of our specialist Solicitors who will be happy to help.