What is Inheritance Tax (IHT)?

Inheritance Tax (IHT) is complicated and difficult to navigate without expert advice. In this guide we will try to make things as clear as possible for you.

What is Inheritance Tax (IHT)?

What is Inheritance Tax (IHT) and when is it required? In England and Wales, inheritance tax (IHT) typically has to be paid when an individual’s estate (their property, finances and belongings) is worth more than £325,000 when they unfortunately died. However, there may be factors that can increase this amount.

Need help with Inheritance Tax?

Our friendly specialists are here to help you and can offer information and a free, no-obligation quote over the phone. 

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    Overview

    Inheritance Tax is a tax on the estate (the property, money, and possessions) of someone who’s died.

    There’s normally no Inheritance Tax to pay if either:

    • the value of your estate is below the £325,000 threshold
    • you leave everything above the £325,000 threshold to your spouse, civil partner, a charity, or a community amateur sports club

    If the estate’s value is below the threshold you’ll still need to report it to HMRC.

    If you give away your home to your children (including adopted, foster or stepchildren) or grandchildren your threshold can increase to £500,000.

    If you’re married or in a civil partnership and your estate is worth less than your threshold, any unused threshold can be added to your partner’s threshold when you die. This means their threshold can be as much as £1 million. You may need to check the allowance based on tax year dates. Please see Inheritance Tax Thresholds

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    Understanding Your allowances

    You can call free on 0808 188 9008 or you can call us on 0207 965 7568 for the London area (Local charges apply) or alternatively call 01380 718199  (Local charges apply).

    You can also fax us on 0844 884 8509. at 11p and up per minute from a fax machine.

    Correct as of 1-1-2021

    Please note: do not call the fax number from a mobile phone as you will be charged 50p per minute and you will not be able to speak to anyone.

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    Probate Specialist Limited 126, High Street , Marlborough SN8 1LZ

    For general email purposes, you can email info@psl.group 

    You can also email your specialist directly on, specialistname@probatespecialistltd.co.uk

    Please note: specialistname refers directly to the name of your specialist. You can find further information on the name of your specialist on the about us page. 

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    Company Number: 13015149

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    Helping Our Clients

    Our main focus is helping our clients. Tax systems are difficult and cumbersome, our qualified accountants have years of experience dealing with tax affairs. 

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    The Inheritance Tax Experts

    We have extensively trained in Inheritance Tax and we believe that we have the best systems in place to deal with your Inheritance Tax in a fast efficient and accurate manner. 

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    Best Practices

    Our systems are constantly checked on a daily basis to make sure we are capable of dealing with anything that can literally be thrown at them

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