Inheritance tax (IHT) is a tax on the assets of an individual that he or she leaves behind after death and on certain gifts that are made during his or her lifetime.
Every United Kingdom resident has a tax-free inheritance tax allowance of £325,000 for the tax year.
However, there is a tax-free limit, which is known as the ‘nil rate band’.
There are also a limit to the number of gifts that an individual can make during their lifetime or in his or her will that are tax free.
Weber & Associates can assist you with your inheritance tax questions, or any other difficulties that you might have in planning. You can contact us and we will provide you with the best possible advice.