2023 UK Inheritance Tax: Rates, Rules, and Insights

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Inheritance tax can be a complex subject, but with the right knowledge, you can navigate it successfully. In this video, we delve into the intricacies of UK inheritance tax, covering important dates, essential tax forms, and providing real-life examples to illustrate concepts.

Key Dates:

April 6th: Start of the UK tax year.
October 31st: Deadline for paper tax returns.
January 31st: Deadline for online tax returns and payment of tax owed.
Tax Forms:
We'll explore forms such as:

Form IHT400: Inheritance Tax Account.
Form IHT205: Inheritance Tax Return (for estates that don't exceed the nil-rate band).
Form IHT217: Claim to transfer unused nil-rate band for married couples or civil partners.
Examples:

Scenario: Sarah inherits a property from her late aunt. We'll walk through the process of calculating inheritance tax owed on the property.
Case Study: The Smith family's estate planning strategy and how they utilize exemptions and reliefs to minimize inheritance tax liability.
Join us as we simplify the complexities of inheritance tax and empower you to make informed decisions regarding your estate planning.

#InheritanceTax #UKTaxation #EstatePlanning #TaxForms #FinanceEducation

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Inheritance tax should be scrapped. Tax has already been paid on that money. How many times can the government tax the same money ?

qntnueg
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Fabulous video.
Thank you .
Great advice

lawrencer
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Now calcualte IHT for the same assets in the example, but for a single person with no children.

CloudberryMusings
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My parents have left me their house in their will. The house is worth £410, 000. There’s £40, 000 equity on the house as well. If I sell the home will I have to pay inheritance tax?

coyi
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Simon - leaving the country sounds an option, but surely leaving Ilkeston for sunny Spain has lots of downside 😂
BTW- what if a couple dies at different times eg 10 years apart where limits may have been different and assets passed on would have been different values eg half a house past on with 1st death, half on second death ?

Bob_too
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New Zealand is nice and has 0% inheritance tax🎉

N_z