Many people know that Inheritance Tax is normally charged at 40%. Far fewer realise that once an estate exceeds £2 million, another valuable Inheritance Tax allowance starts to disappear. This can mean that, for some estates, reducing the value by £1 can potentially save 60p in Inheritance Tax. What is the Residence Nil Rate Band?
Tag Archives: inheritance tax
Changes to Tax Rates & Thresholds, Self-Assessment/ Personal Tax
Understanding Inheritance Tax: A (hopefully) Simple Guide
Unfortunately, Inheritance Tax comes at a time when we are already having to cope with the grief of a lost loved one and having to think about this tax is a major stress to compound this. In addition, it’s a tax where some planning can be done via some simple measures if your loved one