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Inheritance Tax

When planning your will, make sure you take tax into account.

Inheritance Tax is a tax of 40 per cent on estates worth over £325,000 (including savings, possessions, pension funds and property). The first £325,000 is tax free.

In some cases inheritance tax isn’t applied, such as:

  • If you leave your full estate to your spouse or partner.
  • All charitable donations.
  • Gifts to beneficiaries before you die - please note that tax can still apply in this circumstance, so seek advice.
  • Setting up a trust can reduce the amount of tax. Different trusts can affect the amount of tax in different ways.
Last updated: 06/03/2023