Inheritance Tax
Inheritance Tax Planning for many clients will be a key motivator in how their estate, investments, wills*, etc. are structured and implemented.
What is Inheritance Tax (IHT)?
IHT is a tax duty levied on Estates at the time of an individual’s death.
What is the Nil Rate Band (NRB)?
The first £325,000 of an individuals Estate is taxed at 0%. This is known as the Nil Rate Band (NRB). Any estate value in excess of NRB is normally taxed at 40%.
There is also a secondary tax-free allowance known as the Residential Nil Rate Band (RNRB). This currently stands at £175,000 and has been frozen at this amount until April 2028.
The above is a high-level explanation. We are able to give you crystal clear advice, to help you understand how your individual circumstance affects your Inheritance Tax allowance.