Inheritance Tax is charged at 40% on the balance of a person’s estate above £325,000. No inheritance tax is payable where an estate is left to a spouse, civil partner or a charity.
Since 2007, married couples and civil partners can claim two nil rate bands of £650,000 on the second death. There are many exemptions and reliefs that can apply to reduce the amount of inheritance tax payable.
The use of Trusts and lifetime gifting can also significantly reduce your estate for inheritance tax purposes.
Mark Lister specialises in all things tax and could assist you both in the reduction or mitigation of inheritance tax in the case where someone has passed away or future planning of your own estate.