ADVICE for Understanding and planning

Inheritance Tax

Inheritance tax is what needs to be paid to the government by a person who inherits money, property or other assets from someone who has died.

Understanding inheritance tax is very important, as it could significantly affect how much money you end up with and late payments result in fines and interest being applied by HMRC.

We appreciate that inheritance tax can be a bit of a minefield, get in touch and we can refer you to a third party to provide expert guidance and tailored advice to help you make the most of your finances.

For more information about estate planning in Hull and East Yorkshire, get in touch today to be introduced to Comran Taher of Truly Independent.
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Please note that neither Mortgage Advice Firm Ltd nor PRIMIS are responsible for the accuracy of the information provided, or the advice received by Truly Independent.

Your guide to inheritance tax

Do you have a few questions about inheritance tax? We’re not surprised, as it’s a pretty technical and confusing area of taxation. Below are the answers to some of the most frequently asked questions, plus we’re always available when you require in-depth advice and support. For more information, get in touch with our qualified advisors today.

common QUESTIONS
What is inheritance tax?
Do I have an inheritance tax liability?
Can I reduce my inheritance tax liability?
How much is inheritance tax?

What is inheritance tax?

Inheritance tax is a tax that’s specifically applied to the estate of someone who dies. An estate can be made up of property, money and all kinds of possessions. For instance, you could be bequeathed a home and all of its contents, including valuable items such as jewellery and art, plus the deceased person’s savings and investments.

For more information, get in touch with our qualified advisors today.

Do I have an inheritance tax liability?

Anything inherited items valued above £325,000 are taxed by HMRC. As such, if the estate is worth less than £325,000, you won’t have to pay any inheritance tax. However, anything above the £325,000 threshold is liable to an inheritance tax charge.

For more information, get in touch with our qualified advisors today.

Can I reduce my inheritance tax liability?

First of all, the best course of action is to sit down with one of our qualified financial advisors to determine whether you have an inheritance tax liability. Mortgage Advice Firm will introduce you to Comran Taher of Truly Independent who will provide Financial Advice, relating to Inheritance Tax.  If you do, there are ways to reduce this liability, which we’ll discuss in detail to give you a clear picture and guide you through your options. This financial review will be tailored to your individual needs and any recommendations are fully personalised to your circumstances and goals.

For more information, get in touch with our qualified advisors today.

Please note that neither Mortgage Advice Firm Ltd nor PRIMIS are responsible for the accuracy of the information provided, or the advice received by Truly Independent.

How much is inheritance tax?

The standard inheritance tax rate is 40%. This is only charged on the part of your estate that’s above the threshold of £325,000. For instance, you inherit an estate worth £500,000 but only pay inheritance tax on £175,000 of it thanks to the tax-free threshold. 40% of £175,000 is £70,000, so in total you will be left with £430,000 of assets out of the original £500,000.

For more information, get in touch with our qualified advisors today.
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