Do you pay tax on assets or cash you inherit?
As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to
Category: Inheritance Tax
Who inherits if someone dies without a Will?
The intestacy rules that govern how assets are divided if someone dies without making a will changed from 1 October 2014. The changes do not affect people who die with less than £250,000 in assets but
Main Residence Nil Rate Band
The impact of Inheritance Tax has been reduced recently for families that own their own home. HMRC has introduced a new relief, the Inheritance Tax main residence nil-rate band (RNRB), which came into
Inheritance Tax main residence nil-rate band
The new Inheritance Tax main residence nil-rate band (RNRB) came into effect on 6 April 2017. The RNRB is a new transferable allowance for married couples and civil partners (per person) when their
Inheritance Tax main residence nil-rate band
The new Inheritance Tax main residence nil-rate band (RNRB) comes into effect from 6 April 2017. The new RNRB is in addition to the existing £325,000 Inheritance Tax Nil-Rate Band (NRB) threshold.