How much is inheritance tax?

How much is inheritance tax?

Answer

The current threshold for inheritance tax is £325,000 (2017/2018) and anything over this is 40% taxable. This amount is set by the government and can change.

There are ways you can reduce how much tax you'd need to pay.

  • Leave some or all of your estate to a spouse or charity.
  • Put some of your estate into trust.
  • Take out specific types of life cover to pay the tax bill.

Our standard Life Insurance policy isn't likely to fit the needs to repay inheritance tax, so if you're unsure you should speak to a financial adviser.

More on Inheritance tax

https://www.gov.uk/inheritance-tax/overview

https://www.moneyadviceservice.org.uk/en/articles/top-five-ways-to-cut-your-inheritance-tax

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