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In the 2023/24 tax year, the standard IHT rate is 40%, payable for most estates that are larger than £325,000.
Folks, things have changed. After November’s Autumn Budget, some changes (and freezes) to personal tax rates and thresholds have been announced, including CGT, Income Tax, National Insurance, Inheritance Tax, Dividends and more. Check out our blog to learn about the changes in detail.
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.
It all depends:
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.
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