The current rate of Inheritance Tax is usually 40%, (in some circumstances this can be reduced to 36% and we can advise how this can be dne) but this could be changed in future. Not all estates will pay Inheritance Tax but to check whether it will be payable on your death you need to speak to one of our experienced lawyers.
Your estate is the value of all of the assets you own such as property, capital, investments and personal belongings. When working out whether Inheritance Tax is payable it may also include joint assets, assets in trust , and some gifts you made during your lifetime. As such, estate planning is complex and incredibly individual.
Inheritance Tax is paid from your estate before the assets are distributed to your beneficiaries Therefore, IHT directly impacts the amount of inheritance your loved ones will receive.