FAQs

UK Inheritance Tax Facts & Questions

What is the current Inheritance Tax allowance?

For the 2020/21 tax year, everyone is allowed to leave an estate valued at up to £325,000 plus the new 'main residence' band of £175,000 giving a total allowance of £500,000 per person. You can also gift up to £3000 in a tax year. This can be rolled over for one year.Any gifts to charities and political parties aren’t subject to IHT charges.

Is anyone exempt from Inheritance Tax?

Only those in particular employment areas which are deemed as high risk who die in active service for example armed forces personnel, police, firefighters and paramedics, plus humanitarian aid workers.

Do I have to pay inheritance tax if I leave everything to my spouse?

When you die, assets left to your spouse or registered civil partner, as long as they’re living in the UK, are exempt from inheritance tax. Also, your partner's inheritance tax allowance/ nil rate band rises by the proportion of your allowance that you didn't use.

Talk To An Adviser

You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.

Request A Call Back

By completing this form, you are consenting to receive telephone communication from Skybound Wealth Management Ltd, in accordance with our Privacy Policy.
Thank you!
Your call back request has been received and we will arrange for a member of our team to call you at your desired time.
Oops! Something went wrong while submitting the form

Talk To An Adviser

You can reach us directly by calling us between the hours of 8:30am and 5pm at each of our respective offices and we will immediately assist you.

Request A Call Back

By completing this form, you are consenting to receive telephone communication from Skybound Wealth Management Ltd, in accordance with our Privacy Policy.
Thank you!
Your call back request has been received and we will arrange for a member of our team to call you at your desired time.
Oops! Something went wrong while submitting the form