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Inheritance Tax: Rishi Sunak could take action on IHT in today's Budget - details | Personal Finance | Finance

| UPDATED: 15:08, Wed, Mar 3, 2021
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Inheritance tax (IHT) is chargeable on the value of a person’s estate which falls above a certain threshold when they pass away. Presently, Inheritance Tax is set at 40 percent and will usually be applicable to estates with a value of more than £325,000. While IHT can bring in a significant tax take for HMRC, the tax is commonly accepted as one which is not well-liked among Britons. ....

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Inheritance tax: How to approach heir hunters with your will & probate problems - be aware | Personal Finance | Finance

The basic allowance of £325,000 is still in place, but since 2015 the Government introduced the ‘residence nil rate band’ - more commonly known as, the ‘main residence’ band.
This is an additional allowance – worth up to £175,000 from this financial year – that you receive on top of the £325,000 already granted in the ‘nil-rate band’.
In laymen’s terms, this means that your direct descendants will not have to pay any inheritance tax on the first £500,000 of your estate.
“Importantly, if you are a beneficiary and are working with a probate genealogist, then you must remember that the fee for a probate genealogist is always paid on the conclusion of the estate administration. Any probate genealogist requesting direct payment before this should not be trusted. ....

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