Barclays

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The continued rise in property prices means that more and more people are crossing the £285,000 threshold for inheritance tax.

 

 

 

 

 

This means that if the net value of everything you own (your ‘estate') exceeds £285,000 then a flat rate of 40% tax applies on everything over that sum (subject to certain exemptions and reliefs).

For example:

Joe Brown dies leaving his children

a house; and                                 £320,000

other assets                                  £80,000

                                                    -----------

The value of Joe Brown's estate is   £400,000

minus nil-rate band                        £285,000

                                                   -----------

Amount which is liable for IHT        £125,000 @ 40%
                                                   ______________

Inheritance tax payable by Joe
Brown's estate                            £50,000
                                                   _______

To help you determine your own potential IHT liability, we've created an interactive wealth indicator. Simply enter the required figures to receive a calculation of what your estate might be worth.

With a bit of forward planning, you may be able to both minimise your inheritance tax liability and ensure your estate is distributed to your chosen beneficiaries. Contact a Barclays specialist to find out more.

Any Questions?

What am I worth?

Inheritance tax is not just for the seriously rich. Use our wealth indicator to see how it might affect you.

 

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See how Inheritance Tax might affect you