Inheritance tax & estate planning

FAQ'S On Inheritance tax & estate planning

What is Estate administration tax?

Estate Administration tax is the tax paid by an Estate when there are chargeable capital gains.

What is the current inheritance tax threshold?

Everyone has an untaxable allowance of £325,000. If you are leaving your Estate to your direct descendants (children or grandchildren) then your Executors are able to apply for an additional tax free allowance of up to £175,000. If you are leaving your Estate to your Spouse, then this will be tax free upon your death. Once your spouse has passed away, your Executors are then able to apply for both your and your Spouses allowances, depending on who your spouse has left their Estate to and if any gifts have been made in the 7 years before death.

How do I get inheritance tax forms?

All up to date inheritance tax forms can be obtained from the Government website.

Read More