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What is Inheritance Tax?

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Inheritance tax is a tax placed on the estate that exceeds the nil rate band (Tax threshold) of a person who has passed away.

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When is Inheritance tax applicable? 

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Inheritance tax is charged when an estate is passed from a deceased individual to any number of beneficiaries.

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Inheritance tax is due within six months after a donor's death, at this point, interest will accrue based on the Bank of England rate if it's not paid.

 

The Tax must be paid by the estate's beneficiaries directly to HMRC before benefiting from the estate.

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Are there any exemptions from paying Inheritance Tax

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The simple answer is yes. But this depends on the size of your estate and who you are passing it on to.

If you would like to understand the thresholds and Tax benefits you may be entitled to, speak to one of our specialists today and they will explain everything you need to know regarding inheritance tax 

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