What is Inheritance Tax?

• 9th January 2023
• By admin
• 0 Comments

Inheritance tax is a 40% tax applied after a person dies to estates that are worth over £325,000 – or more if a home or the sale proceeds of a home are included.

The value of your estate for the purpose of inheritance tax includes:

• your savings
• possessions including property
• pension funds (certain payments from payment funds may be subject to Inheritance Tax)
• subject to certain exemptions, the value of any money or property you gave away during the seven years prior to death

The first £325,000 of your estate is tax-free so the 40% tax only applies to anything that goes over this value.

Contact Ms Hayley Bholah on 020 8393 0055 or james.winfield@lewis-dick.com or fill in our form