At present, the first £325,000 (2015/2016) of an individual's estate is not liable to Inheritance Tax. For married couples and registered civil partners it is currently £650,000, if the full allowance is passed to the surviving spouse. Anything in excess of this amount is taxed at 40% on death.
There are some options available that you can consider to help mitigate Inheritance Tax:
Have your Will written and planned correctly to save the maximum amount of tax
Transfer assets through the prudent use of lifetime gifts
Use of trusts. This can, for example, mean that you retain an income from your investments whilst gifting the capital to your chosen beneficiaries.
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