Inheritance Tax – Main Things You Must Know

Inheritance taxes are around 40-50 percent and just one more thing to be horrible to think about during such a really tough time. In addition to the loss of a loved one, such as a parent or grandparent, someone's death has legal consequences. You can find the expert advice on inheritance tax planning and trusts in London.

What you need to know about inheritance tax

1. Inheritance tax payable by a person or family who inherits something after death.

2. This tax, also known as the death penalty, is only paid on the estate and not on the total value of the property at the time of death.

3. Inheritance and property taxes are not the same thing. Property taxes relate to the overall value of the property, and inheritance taxes are only paid on items inherited from individuals or families.

4. Everything of value, such as jewelry, antiques and other collectibles, as well as all investments and insurance are subject to this tax

5. The good news is that only inheritances worth £325,000 or more will be taxed. This threshold is very easy to reach for a house that costs a lot more than buying it, especially if it was bought by grandparents long ago, for example, or houses in big cities like London.