[ɪnˈhɛrɪtəns tæks]
Inheritance Tax is a tax levied on the estate of a person who has passed away. There is a tax threshold but the standard rate is 40% for the 2023/24 tax year.
Inheritance Tax is a type of Tax that is levied on the Estate of a deceased person. The tax is paid by the beneficiaries of the will.
The threshold for paying Inheritance Tax for the 2023/24 Tax Year is the value of the Estate exceeding £325,000. The standard rate of Inheritance Tax is 40% on any part of the Estate above the threshold.
Inheritance Tax may also have to be paid on gifts received less than seven years before the date of death.
Inheritance Tax does not apply when leaving your Estate to your spouse or a charity. Also, if more than 10% of the Estate is given to charity, there is a reduced rate of 36% Inheritance Tax.
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