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Inheritance Tax - simple planning for your family's future.

Paystream News

David McManus

Friday 24th Nov, 2017

Under the current rules up to £325,000 of inheritance can be passed on to others without being taxed.

But from April 2017 an additional £100,000 inheritance of tax allowance will be available to reduce the tax paid on a main home.

By 2020 this extra allowance is to rise to £175,000, meaning a couple could pass on £1million of inheritance, tax-free.

However, the property must be valued at more than £350,000 and less than £2million and held in joint names.

Everyone also has a tax-free annual allowance of up to £3,000 to gift cash or assets to anyone of your choice, to help bring down the value of an estate in later years.

Unused allowances from the previous tax year can be carried forward to the current tax year.

And don't forget to make a Will and keep it up to date!