It is important that you pay the correct amount of tax relevant to your own personal circumstances and that you seek professional advice from an appropriately qualified tax specialist, accountant or financial advisor.
Inheritance Tax (IHT) is a one-off tax which is payable on your assets and possessions above a set threshold. If you are married or have a civil partner, he or she can transfer their allowance to you.
Many people are surprised to find out that they have an IHT liability once they add up the value of their home, assets and possessions. Announcements in the Budget have also changed the way Inheritance Tax is calculated and when it is applied, and so seeking advice is essential to ensure that you pay the correct amount.
“Inheritance Tax is broadly speaking a voluntary levy paid by those who distrust their Heirs more than they dislike the Inland Revenue.” – Roy Jenkins