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Inheritance Tax

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									In UK, Inheritance Tax was introduced as a tax on estates from 1796, and then later
called legacy, succession and estate duties. Estate duties came as Capital Transfer Tax
with a wide scope and changed value and now these days it is named as Inheritance
Tax. This tax is also known as 鈥淒 eath Duties 鈥?Inheritance tax paid if the value of
the estate adds up to more than 拢 325,000. Inheritance tax paid on an estate, adds
value of all the assets such as a house, possession, money and investments - and
deducting any debts the deceased may have owed, including household bills and
funeral expenses. Who is responsible for paying Inheritance Tax? Inheritance Tax is
payable by the executor or personal representative, who uses funds from the
deceased's estate that are not held in trust. The inheritance tax rate depends on the
relationship of the heir to the deceased, if the heir is a distant relative or a friend the
inheritance tax rate will be much higher than if the heir is a spouse or child of the
decedent. When assets or amount transferred into a trust then the trustee is responsible
for paying Inheritance Tax. Inheritance Tax exemptions and reliefs- You get the
exemptions from Inheritance Tax, even if your estate is over the threshold in the
following situation- - When deceased leave assets to a spouse or civil partner who has
their permanent home in the UK. - Any gifts you make to a 'qualifying' charity -
during your lifetime or in your will - will be exempt from Inheritance Tax. - If you
survive for seven years after making a gift to someone, the gift is generally exempt
from Inheritance Tax. - You can give up to 拢 3,000 away each year, either as a
single gift or as several gifts adding up to that amount - you can also use your unused
allowance from the previous year but you use the current year 鈥檚 allowance first. -
     Small gifts of up to 拢 250 are tax-free. - Wedding and civil partnership gifts -
     Gifts to someone getting married or registering a civil partnership are exempt up
to a certain amount. - If the deceased owned a business, farm, woodland or National
Heritage property, some relief from Inheritance Tax is available.
  An effective inheritance tax planning and proper guidance can reduce or avoid
unnecessary tax. Apex Associates can help to save you and your beneficiaries many
thousands of pounds in tax by careful inheritance tax advice and planning. Apex
associates provides the services of Accountancy Firms, Business Tax Advice,
Business Accounting Services, , Accountancy Services, Tax financial Planning,
Bookkeeping Services, Inheritance tax advice etc.

								
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