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SPECIAL FEATURE: Tax tips for landlord

Inheritance Tax – what do you need to know?

from "UK Landlord" magazine, May 2007

Victoria Smyth, Solicitor, Ashfords Solicitors, outlines the essentials in inheritance tax planning.

Inheritance tax (IHT) is a subject you will often hear people despairing about. For many who have worked hard to build up personal wealth, the idea that part of your estate may automatically fall into the Government's pockets is a hard pill to swallow. However, this guide will briefly touch on how you can mitigate an IHT liability on your death and pass on as much of your estate as possible to your family.

IHT is charged at 40 per cent on the value of a person's estate which exceeds the nil rate band applicable when they die.