Inheritance tax is a peculiar tax because:
· You might worry about it but you don’t pay it, your heirs do.
· With planning it can be avoided.
· There is a big limit of up to £1m for a married couple so most estates don’t pay it.
· But the tax rate is 40% so it kicks in hard.
This video looks at the basics of Inheritance tax. Let us know if you want to discuss it in more detail.
For further information please take a look at our website www.theaccountancypeople.co.uk where you can ask a question to James and the team
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