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Planning Retirement Online

Do you know your Inheritance Tax numbers?

How to unlock your assets from unnecessary tax


£325,000

The first £325,000 value of your estate is called the ‘Nil Rate Band’ because although it is taxable to Inheritance Tax (IHT), it is taxed at 0% (tax year 2014/15).

40%

Currently, IHT is payable on death at this rate on the value of your net assets over £325,000 (tax year 2014/15).

7

The number of years you must survive if you give away large amounts of money or valuable assets while you are alive, otherwise HMRC will tax you for IHT as if you still owned them when you die (tax year 2014/15).

£5,000

If your children get married, you can give them or their new spouse a lump sum up to this value completely free of IHT (tax year 2014/15).

£650,000

When a married couple or registered civil partnership estate exceeds this amount, IHT will usually only be paid on the excess, provided the necessary claims are made to HMRC within the appropriate time limits
(tax year 2014/15).

£2,500

If your grandchildren get married, you can give them or their new spouse a lump sum up to this value completely free of inheritance tax (tax year 2014/15).

Seek professional advice to ensure that you pass on to future generations in a tax efficient way.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.

The Financial Conduct Authority does not regulate inheritance tax planning or taxation advice.

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