What is the inheritance threshold – rules and allowances?

Date2/13/2022 2:54:17 PM
When someone dies, there is a tax applied to the value of that person’s estate which is known as Inheritance Tax (IHT). The beneficiaries and/or executor of the deceased’s estate are liable to pay the tax if the value is above a tax-free allowance, which is known as the threshold.

In some cases, there will be no inheritance tax to pay but if the value of the deceased’s estate is above the threshold, IHT will be payable. There are measures that can be taken in order to reduce the level of inheritance to be paid on your death if you think that the value of your estate is likely to be above the threshold limit.
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