Inheritance Tax Facts
Inherttance Tax Facts When a person dies without leaving a valid will, there are certain rules that have to be fol- lowed, these are the called the rules of intestacy and they dictate how property and money will be distributed. This may not be in accordance with your wishes. Inheritance Tax Rates Inheritance Tax Inheritance tax is payable when a persons property and possessions are worth £325,000 or more at the time of their death. 40% The rate of tax paid on anything above the threshold. £325k 36% The rate may be reduced to 36% if more than 10% of the estate is left to charity. February Gifts MTW T 2 (3 4 9 10 11 12 13 14 15 Gifts made 7 years before the persons death have to be added to the value of the estate to work out if inheritance tax is due. Any debts, bills and funeral expenses are deducted. 16 17 18 19 20 21 22 24 25 26 27 28 WRIGHT HASSALL www.wrighthassall.co.uk
Inheritance Tax Facts
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