Estate planning & inheritance tax
Inheritance tax is a tax charged by the government on the estate of any deceased person where the value of his/her assets exceeds a tax free threshold, which is currently set at £325,000. The value of the estate up to £325,000 is often called the nil rate band allowance (or NRB) because this amount is charged to inheritance tax at 0% – the nil rate.
The value of the assets in your estate above the NRB will be taxed at 40%.
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