The number of people falling into the inheritance tax (IHT) trap is rising record high. Between April 2023 and February 2024, the taxman bagged £6.8 billion from families following the death of a loved one and it is widely expected to exceed the previous record of £7.1bn.
Our money expert Kalpana Fitzpatrick explains what IHT is and how you can cut the bill so that you can pass more of your wealth to loved ones.
What is inheritance tax?
This is tax payable on someone's estate when they die - but how much you pay depends on the total value of the property, money and possessions.
The current threshold for when the tax kicks in is £325,000. This threshold has been at this level since 2009 and is expected to remain the same until 2028. If your estate is below the threshold, then IHT does not have to be paid.
This story is from the August 2024 edition of Style at Home.
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This story is from the August 2024 edition of Style at Home.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
INHERITANCE TAX
Editor of MoneyWeek.com Kalpana Fitzpatrick shares financial tips on how to protect your estate
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