Giving to charity

Reducing an Inheritance Tax – it’s good to give

A n estate can pay Inheritance Tax at a reduced rate of 36% on some assets (instead of 40%) if 10% or more of the ‘net value’ of their estate is left to charity. Continue reading…


What a relief

Assets that pass on free of Inheritance Tax

Inheritance Tax reliefs allow some assets to be passed on free of IHT or with a reduced bill. Continue reading…


Gifts

Small gifts that don’t create an Inheritance Tax liability

HM Revenue & Customs allows you to make a number of small gifts each year without creating an Inheritance Tax liability. Remember, each person has their own allowance, so the amount can be doubled if each spouse or registered civil partner uses their allowances. You can also make larger gifts, but these are known as ‘Potentially Exempt Transfers’ (PETs), and you could have to pay IHT on their value if you die within seven years of making them. Continue reading…


Paying Inheritance Tax

Estimating how much liability you could leave behind for your loved ones

Usually the ‘executor’ of the Will or the ‘administrator’ of the estate pays Inheritance Tax using funds from the estate. Continue reading…