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What is inheritance tax?

Inheritance Tax? Could someone inform me what one can expect to pay for inheritance tax?

  • I am referring to just money in the form of shares, or what I believe is called Movable property? And is the tax one has to pay the same in Scotland and Wales, as it is in England? Is it true one can give part of the Tax to Charities?

  • Answer:

    Inheritance tax is potentially payable on the amount by which the whole of your estate (ie everything you own at the time you die) exceeds a certain limit, which is currently £300,000. The tax is the same in England, Scotland and Wales. If you donate part of your estate to charity, then this will be exempt from inheritance tax. More information, in clear everyday language, at: http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/InheritanceTaxEstatesAndTrusts/DG_4016736

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Inheritance tax is currently 40% on everything over £300,000 it's a bugger isn't it? you pay tax when you earn it and they tax it when you die! the limit is due to change soon for maried couples who can claim the first death also, ie, double exemption.

Greybeard

Inheritance Tax is paid on everything you own, so yes shares, property, etc. Its 40% after the first £300,000. I think you can 'give away' whats been left to you to charity to avoid paying tax on it. Possibly the worst tax ever, you spend all your life earning to make a nice life for you kids...then they have to sell everything just to pay for this tax.

Zoe

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