1. What is Inheritance Tax? Inheritance Tax (IHT) is a tax on the estate (property, money, and possessions) of someone who has passed away. It applies if the estate exceeds a certain threshold.

2. Thresholds and Rates The standard threshold is £325,000. Estates above this are taxed at 40%. Various reliefs and exemptions can reduce the taxable amount.

3. Nil-Rate Band The nil-rate band of £325,000 is transferable to a spouse or civil partner, potentially increasing the threshold to £650,000.

4. Residence Nil-Rate Band An additional allowance of up to £175,000 applies if the home is passed to direct descendants, allowing married couples or civil partners to pass on up to £1 million tax-free.

5. Exemptions Gifts to a spouse, civil partner, or charity are exempt from IHT. Certain business and agricultural properties may also qualify for relief.

For more information and expert advice you can find a Inheritance Tax Specialist near me for tailored advice and more insightful knowledge about the UK tax system....

Inheritance Tax (IHT) in the UK is a 40% tax on estates over £325,000. If you leave your home to direct descendants, an additional £175,000 may be exempt. Transfers between spouses are tax-free, and gifts made during your lifetime are exempt if you live for seven years after giving them. For those enjoying uno online, it’s worth considering these tax rules to ensure your estate is managed efficiently.

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