How Much Inheritance Tax Do I Have To Pay?
Individuals currently have a ‘nil rate’ of inheritance tax to pay on the first £325,000 of their estate; what ever is left the state is entitled to claim a massive 40%. If the recognised partner be it the spouse or civil partnership passes on without utilising all or part of their ‘nil rate’ allowance then executors can apply for the remainder of the allowance to be passed on. Effectively this would lead to a maximum allowance of £650,000 before inheritance tax would become payable.
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