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.
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.
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