Inheritance tax alert: 13 rules and allowances that could cut YOUR bill

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Inheritance tax alert: 13 rules and allowances that could cut YOUR bill.

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Inheritance tax can be a complicated levy, with a range of reliefs, exemptions and thresholds leaving families unsure about how much they could owe.Sarah Coles, head of personal finance at AJ Bell, has outlined 13 rules and allowances that could help families reduce their inheritance tax bills.The guidance covers measures including spousal exemptions, nil rate bands, gifting rules and contributions from grandparents, while also highlighting upcoming changes to pensions and recent alterations to Business Property Relief.Inheritance tax is generally charged at 40 per cent on the taxable portion of an estate above the available tax-free thresholds.

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TRENDING Stories Videos Your Say Assets passed to a spouse or civil partner are generally exempt from inheritance tax, meaning there is no tax charge on qualifying assets transferred between married couples or civil partners.Individuals can also make use of the standard nil rate band, which allows up to £325,000 to be passed on without an...

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