Inheritance Tax (IHT) is usually payable when an individual’s Estate is worth more than £325,000 when they die.
Everything owned by a person who has died is known as their estate. The estate may be made up of:
The standard Inheritance Tax rate is 40%. It is only charged on the part of your estate that is above the tax-free threshold.
There are different rules when you pass on your home or you give your assets to your spouse / Civil Partner.
The Probate or Grant of representation will not usually be issued until the Inheritance Tax (IHT) has been paid to HMRC.
Inheritance Tax (IHT) is paid from the estate of the deceased.
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