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Inheritance Tax (IHT) is the tax paid on someone’s estate after they pass away.
In the 2022/23 tax year, the standard IHT rate is 40%, payable for most estates that are larger than £325,000.
Usually, there no Inheritance Tax to pay if either:
This limit is called the IHT Allowance. Also, if you leave your home to a child or grandchild, you get another £175,000 as an extra “main residence” allowance.
The standard Inheritance Tax rate is 40%.
If you leave at least 10% to a charity, this drops to 36%.
In any case, this is charged only on the part of the estate that is above the IHT allowance.
Your beneficiaries:
No:
It all depends:
Unfortunately, no – at TaxScouts we only do personal tax returns.
We recommend you mandate a lawyer to “apply for probate”, which basically means that they’ll have the right to deal with your property, money and possessions. For more information about how the probate process works, learn more from the UK Care Guide.
You can also contact HMRC for more advice on probate and Inheritance Tax.
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