Estate planning: how to protect your assets and your family
There’s an inheritance tax (IHT) threshold, known as the nil-rate band (NRB) which currently protects the first £325,000 you can inherit from tax. Anything after that is then usually taxed at 40 per cent. Married couples or those in a civil partnership can transfer the unused part of the NRB of the first partner/spouse to their survivor, meaning up to £650,000 can be inherited free of tax following the second death. In April 2017, the residence nil-rate band (RNRB) was introduced allowing part of the estate or property included in the estate (from July 2015) worth up to £17...
Source: whtimes.co.uk