Watkins Smith - Inheritance Tax

Inheritance Tax

Inheritance Tax
 

Inheritance Tax (IHT)

" The Only Two Certainties In Life Are Death And Taxes. "
(Mark Twain.)

Inheritance Tax (IHT) )  is evidence of this!

All individuals receive an allowance whereby estates under this figure will not be liable to the payment of IHT. The assets taken into consideration could be property, investments, cash & chattels and it is the value placed on this that  will determine whether or not IHT needs to be paid.
 

The current thresholds - Budget 2013

  • Single person £325,000*
  • Married couple up to £650,000*

The value of the estate above these figures is then taxed at 40% *

Estate passing between husband and wife does so without any liability to IHT, however on second death the estate then becomes liable if it exceeds £650,000 ( providing the full allowance is still available)

 

Please contact us if you require further information on this subject.

*These figure are liable to change by the Government and should always be verified at the time of making a Will or creating a Trust.