How Much Does Inheritance Tax Cost and What Are The Exemptions?

Inheritance tax is an important part of estate planning, but how much does it cost? Learn about the basics of inheritance tax, plus exemptions and deductions with this comprehensive guide.

United States (US)

United Kingdom (UK)

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[arispoli]

Explaining this all to mum mum has taken over 2 years since his death. Her generation aren’t educated well on this stuff and its been a painful experience. I hate the UK tax system, its so regressive. But this was a wonderful video that she understood a little better. Thank you

[Tiffany]

Am I the only one who think 40% is a ridiculous amount. I think it should 20-25% at most

[RICHARDish]

Good video Simon and Louise, I just wondered what your thoughts were on family investment companies, where you give away the future growth of your company to your children? I would be interested on your thoughts of these structures for IHT planning. Thanks

[tomhewitt]

I enjoy the channel, wondered if you could help -
What advice for an only child looking to inherit who just learned that farther died one year ago?
A search agency has informed of father's death, he had always wanted to be in the life of the son but the feeling was not mutual. He died without having ever been married and so by rights the son should be the sole heir - unless he did something crazy like left the money to a neighbour. But over the last year he has not been contacted by the will executor. For all the son knows he is the executor but hasn't been contacted about that either... Where does he go from here? He knows the date of death and the town, does not know an address however or have contact details for any of the father's siblings or family members. How does he track down the will and/or the executor? Of course it is possible that no will was written, in which case of course the son would be the rightful heir. But what if a nephew or someone has already swooped in and claimed to be the closet living relative and taken the estate? Hypothetically in this situation, how difficult would it be to get the estate off (a nephew for example) and have it rewarded to the son? And it's been a year, what if the father's bank accounts have been cleaned out without a trace?! The son has looked at a government website to see all unclaimed property but the father's name isn't showing. Is this a cause for concern? He would have been a property owner, unless he went to a arehome. Where should the son go from here? Who should he contact? Thank you so much.

[kohtime]

I wonder if you can clear a few things up if possible. My parents have buried there head in the sand effectively and really don’t want to deal with any of this planning at all. I’m confused as to whether when one passes there allowance over to the other parent do they retain this allowance to pass on to children? For example if my mother passed and gave her allowance of 325 my dad would have 650 allowance? Is he then allowed to pass assets up to this amount on his passing to children? Thanks for any guidance

[annawong]

Thank for this very insightful vlog. My dad passed away in February and has left the property to my mum in his will. I've read about an extra allowance of £175, 00 on top of the threshold of £325, 000. But unsure as to which form I would need to complete on the HMRC website. Can you please advise? Many thanks!

[rameshgarara]

I am company director&Shareholder of my own LTD. I own the business premisis in personal name which is exclusively used for trading ( it’s a clothes shop). I satisfy the trading and control critieria. Can the premisis receive 100% BPR for IHT purposes, or can it only be 50% max. I’m a bit confused about this.

[coverupper]

Who and how is the property valued for IHT purposes? What if you don’t agree with the valuation?

[intheclarts]

Can't seem to google this one...

If i inherited about £1m worth of uk property, after the threshold of 500k on this and my father's residence, I'd pay around 200k. Now, do i still have to pay cgt on the increase of these rental properties too? Or cgt on any that are sold later, after the iht bill is settled?

Regards

[stephrfin]

Hello if a parent wanted to transfer the title of their property to their children whilst alive would this count as a gift? Would there be a sales transaction? Would they have to pay the 30day tax that you mentioned in the video?

[kaieteurjohn]

As an only child who is also carer and POA and living in the same household for 20 years, her will favours myself, 100%. Currently the property is worth in the region of £900, 000 plus other savings and shares. Can you briefly tell me my position with regards to the tax relief, as this is my sole residence. Would I have to sell the house to pay any IHT? Thank you in anticipation.

[kohtime]

Can I ask please if assets within a property of 270k get passed within intestacy to a spouse (note, no will) does this negate the 270 of the 325k nrb that could be passed on? For example in this situation would the second partner be able to pass both nrb allowances on £650k if no will was made? Also would the RNRB allowance be available from the first partner if left through intestacy? Thank you so much for your help

[tyronefrance]

Is it possible to simply add all your children onto your house deeds? Or put all your assets into a trust naming all your family as members

[steve]

Thanks for intro. Would it be true to say that if you are asked to be an Executor of an estate, you should immediately say...
'I will need to know about all of your assets (property, pensions (current and pending), all online and paper accounts, assets inc. cryptocurrency, businesses, shares, debts/loans/mortgages, gifts made/received, charity donations, all incomings and outgoings, all web accounts inc. social media, blogs, websites, etc.) and be informed by you of any changes as they happen. I also need to have a copy of your current Will which should also detail how you want online accounts to be handled - e.g. Facebook, Instagram, etc.'
You don't need to know exact amounts but you need to be aware that these assets/debts exist. If they are not willing to share this info then you cannot be an Executor.

[rider]

Don't think you ever answered the question in the title? I believe it's within 6 months of the death?

[lawrenceheung]

So you literal speak is not to own property in U.K.