Inheritance Tax (IHT)
Inheritance tax (sometimes called IHT) is a tax on the property, money and possessions (the estate) of someone who has died.
The estate includes any house or flat owned by the deceased person.
The tax is paid by the person who is dealing with the estate (the executor). The executor is usually a family member or solicitor.
IHT is usually only paid if the value of the estate exceeds the threshold of £325,000. The tax is normally not paid if the estate is left to a spouse or civil partner, or to a charity.
The threshold may also be higher (£450,000) if the deceased person has left their home to their children or grandchildren.
Inheritance tax can be a complex matter, and professional advice is recommended.
About the author
Gaynor Haliday is an experienced legal researcher and published author. She has had numerous articles published in the press and is a legal industry commentator.
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