Under current legislation all UK based individuals are liable to pay Inheritance Tax upon their death should they own assets in excess of £325k for individuals and £650k for married couples. Everything over this figure is liable to tax at 40% and should be settled with HMRC before the residual estate can be distributed to loved ones.
In 2017 there is the introduction of a new residential property allowance that will enhance the above thresholds.
Inheritance Tax is a tax payable on the estate of a deceased person however, there are various solutions to mitigate this including Gifting Assets to children, Trusts and numerous Investment solutions.
If you feel this is of concern speak to one of our experienced advisers who can discuss and offer a bespoke solution, ensuring the true value of your estate is passed onto your loved ones.