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.
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