In this guide: What inheritance tax is and how it works, the rule on IHT gifts & tips on avoiding inheritance tax
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Inheritance tax, commonly referred to as death tax is a 40% tax payable on the assets of a person who has died, including their cash, investments, property, vehicles and life insurance payouts. The inheritance tax threshold applies to assets over £325,000 so anything left below this threshold is tax free.
Our inheritance tax guide will help you understand all you need to know about IHT, whether it could affect you and your family and if so, what you need to do to help avoid or at least minimize the risk.
Inheritance tax impacts many families, especially since the huge rise in house prices.
Legal stuff can seem daunting for most of us and so it's important that when we need help we use a qualified service.
Deprivation of assets isn't an expression that is commonly used, however if you or your parents are looking at residential care you need to understand it.
The IHT gift exemption allowance is the most you can give away each year without being liable for tax.
A Power of Attorney is someone you appoint to act on your behalf giving them legal authority to deal with your affairs.
When it comes to paying for probate services, many solicitors and banks charge a percentage of the total assets regardless of how much or how little work is required.
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