Quizzes & Puzzles0 min ago
Inheritance Tax
1 Answers
Is Inheritance Tax charged on the full amount of say �300,00 or just the balance over & above the tax free allowance
Thanks in advance
Answers
Best Answer
No best answer has yet been selected by sire. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.IHT is only charged on the amount above the threshold. (In your example of an estate of �300,000, and with the current threshold of �275,000, IHT would be 40% of �25,000 =�10,000).
http://www.hmrc.gov.uk/cto/customerguide/page2.htm
Chris
http://www.hmrc.gov.uk/cto/customerguide/page2.htm
Chris