Inheritance Tax (IHT) is usually paid on an estate when somebody dies. It's also sometimes payable on trusts or gifts made during someone's lifetime. Most estates don't have to pay IHT because they're valued at less than the threshold. If the estate - including any assets held in trust and gifts made within seven years of death - is more than the threshold, tax is payable at 40 per cent. However, anyone who leaves 10 per cent or more of their net estate to charity can choose to pay a reduced rate of IHT of 36 per cent.
If you need any further advice or assistance with regards to calculating and apportioning IHT, please contact Liz Parry on 01733 375 229 or email elizabeth.parry@rnib.org.uk.
Visit HMRC's website for more information.
Need more help?
If you have any other queries our frequently asked questions for professional advisors and executors may help. Alternatively, call 01733 375 228 (Monday to Friday, 9am to 5pm) or email legacyservices@rnib.org.uk.