Inheritancetax-asummary

Inheritance tax is charged primarily on the value of your estate when you die, though certain lifetime gifts can also be brought into account depending on when they were made and to whom. The tax touches property, savings, investments and business assets, making early planning important for many families.

A range of exemptions and reliefs exist, covering transfers between spouses, gifts to charity, and certain business or agricultural assets, among others. Because the rules interact with wills, trusts and lifetime gifting, and the thresholds are reviewed periodically, we would always recommend a review of your position well before it becomes urgent.