Inheritance Tax

The death of a family member or friend can be a time of great distress. One of the principal concerns is whether their estate has any exposure to Inheritance Tax (IHT).

In broad terms, IHT is charged on all assets at a rate of 40%, after deduction of any available reliefs, and is due to be paid within six months of the death to avoid any penalties or interest arising.

Therefore, it is crucial that the Executor considers any potential allowances, exemptions and reliefs which may be available to minimise or eliminate any IHT payable. Some exemptions are not automatic and need to be claimed.

Possible sources of IHT mitigation:

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