personal finance

Inheritance Tax UK threshold: How some people could boost their threshold to reduce bill


The standard Inheritance Tax rate is only charged on the part of the estate that’s above the threshold.

There are also situations where an estate can pay a Inheritance Tax at a reduced rate.

For instance, it could be the estate pays the rate of 36 percent on some assets, if the deceased person leaves 10 percent or more of the “net value” to charity in their will.

Speaking to Express.co.uk, James Kipping, Tax Partner at MHA Macintyre Hudson, said: “If you give to charity during your lifetime or in your Will the value of those bequests is free of Inheritance Tax, so it can be a useful way of reducing your Inheritance Tax bill, while benefiting a good cause.



READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.