If everything in the estate above the £325,000 threshold is left to a spouse or civil partner, there will be no IHT to pay.
Additionally, a person’s threshold can be increased to £500,000 if their home is left to children or grandchildren.
If these options are not available, or if the person involved wishes to leave their estate to non-family members, they’ll likely be charged the full rate of IHT.
As it stands, IHT is levied at 40 percent where applicable.
Published at Wed, 29 Jul 2020 21:59:25 +0000