Question 1
How much do I have to be worth before my estate will be liable to Inheritance Tax, and is there anything I can do to avoid paying the tax?
In general terms no Inheritance Tax is payable by your estate after your death unless the estate is worth more than £325,000. For tax purposes your estate means your entire assets, including your share in any house and the proceeds of Life Assurance Policies that may pay out on your death.
Through a clever mix of various statutory reliefs and exemptions it is often possible to considerably cut or even remove the potential tax liability, especially for married couples. Due to every client having a unique mixture of assets and differing amounts of capital and income, specific advice should be taken in every case.
