The Inheritance Tax limit known as the nil rate band is currently £325,000.00. If the total value of all your assets including your house is more than the nil rate band, your estate may attract a 40% Inheritance Tax charge.
However, if you are married you may wish to leave your whole estate to your surviving partner, making use of the spouse exemption, with no inheritance tax to pay. On the second death the estate may now benefit from two nil rate bands, up to £650,000.
We can advise you on the ways to reduce your Inheritance Tax liability and for more information please contact our specialist Will writing Solicitors on freephone 0800 975 2463 or contact us by email today.
25 Jul 2018
Wills, Probate, Tax & Trusts
Excellent in every way.
Thank you to Patricia Prescott and her staff who dealt patiently and efficiently with my many queries.
All staff were helpful and approachable. Victoria Motley made what is a daunting experience bearable.
The staff were very friendly and approachable.
There was a quick and clear response to all questions raised.
The service I received from Victoria Motley was excellent.
Thanks to Victoria Motley. Very professional and efficient firm.
Everything was explained fully to us in terms we understood. Thank you Jennifer for making things so easy for us.
Approachable, professional and friendly service. A strong combination, thank you.
May I personally thank you for your professionalism and courtesy throughout our meetings.
The service provided was first class