At a staggering rate of 40%, inheritance tax in the UK makes a lot of people apprehensive. After all, it’s no fun spending a lot of money on assets that were lovingly bequeathed to you. Luckily, not everyone who inherited something needs to pay an inheritance tax.
The threshold for Inheritance tax is £325,000, which means it is only charged on the part of the estate greater than that amount. In addition, inheritance tax won’t apply if you’re leaving everything above the threshold to a partner, spouse, charity, or a community sports club. If the estate is left to a child or grandchild, the threshold increases to £500,000.
Always consult an expert, no matter if you’re the one receiving an inheritance or you want to protect your beneficiaries. I highly recommend Goldsmith & Co. for having the leading chartered accountants in North London.
