Inheritance Tax Rates
Searching for inheritance tax rates? Are you looking for answers to questions such as when is inheritance tax applicable or do you have to pay inheritance tax at all? Our executry law firm based here in Edinburgh will help and answer any questions that you may have with regards to inheritance tax rates.
Inheritance tax rates – what are they?
Inheritance tax rates in Edinburgh for 2015/2016 is £325,000. Our law firm has highly experienced tax and financial planning lawyers that are here to help reduce your tax liability through inheritance tax planning, where we will help you properly organise your financial affairs to help you avoid paying unnecessary tax. We will show and guide you through the means which can be utilised to limit your overall tax liability so start your inheritance tax planning today.
Most people will think that all inheritance tax is payable on someone’s estate when that person dies. In addition, inheritance tax rates are payable on certain transfers made during that person’s lifetime –for example gifts and trusts made up to 7 years before a person’s death are liable to income tax.
We will show you that there are certain exemptions and reliefs available which can reduce the overall inheritance tax rates.
Certain gifts and legacies that are exempt from inheritance tax are;
1. Gifts and legacies made to your partner, spouse or civil partner.
2. Gifts made to charities, whether during life or in your will.
3. Gifts which you make 7 years or more before your death.
4. Gifts which fall under the annual exemption – £3000 for the tax year 2015/2016.
5. Gifts of less than £250.
IHT will be paid out of the deceased estate, the executor (the person responsible for winding up the estate) will be responsible to do this. The estate requires to be valued so that the total IHT liability can be assessed based on the current inheritance tax rates.
Inheritance tax rates – do hey change?
Inheritance tax rates do change which is why it is vital to involve our highly experienced inheritance tax lawyers. To find the answers to do you have to pay inheritance tax, how much is inheritance tax in uk or inheritance tax rules and section 86 trusts inheritance tax or the current inheritance tax threshold contact one of our team today and find out what the current inheritance tax rates are and how you can save what you might be liable to pay.