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Finance

Inheritance Tax

Inheritance tax is a tax on the net value of your estate when you die. The nil rate band (£312,000 for 2008/9) is deducted from your net estate and the balance is taxed at 40%.

For married couples and civil partners, the proportion of the nil rate band unused on the first death passes to the estate of the survivor, where the first death is on or after 9th October 2007.

Log in for detailed information on:

• Net estate
• Exemptions and Reliefs
• Calculation of Inheritance tax
• Potentially Exempt Transfers (PETs)
• Gifts with Reservation
• Due dates for payment
• Chargeable Persons
• Chargeable events
• Tax on Pre-Owned Assets
• Rules of intestacy
• Deeds of Variation
• Quick Succession Relief
• Sale within 1-4 years of death
• CGT on inherited property
• IHT Planning
• Make a will
• Use of will trusts
• Use of lifetime trusts
• Equity release
• Discounted Gift Trust
• Personal allowances