Inheritance Tax

1. How much is the current Nil Rate Band?

Inheritance Tax will be due on any assets above this limit

2. How much is Inheritance Tax?

3. What is the difference between death tax & inheritance tax?

4. Supporters of the inheritance tax point out that it will mainly affect the?

5. When a person dies and there is an inheritance, who is liable to the tax on it?

The spouse could be the beneficiary, if so spouses do not pay Inheritance Tax.

6. Who is responsible for paying the inheritance tax?

The executor is appointed by the deceased to be responsible for ensuring that any debts and creditors the deceased had are paid off, and that any remaining money or property is distributed according to their wishes.

7. Your parents left all their money to charity, not to you. Can you challenge the Will?

You can, but there is no guarantee of success.

8. What is a deed of variation?

9. If the deceased had life insurance, is that money taxed?

10. How much is the annual individual ‘gift allowance’?

Gifts/Cash up to this amount per year are exempt from IHT and can also be carried over from one previous year = £6,000.

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