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THE THRESHOLDS
Tax is currently paid on inherited assets at a rate of 40% above the threshold specified by the Government. Everyone in the 2010-2011 tax year has a tax free Inheritance Tax allowance of £325,000. The allowance will remain the same for 2010-2015.
In October 2007 a change was introduced that allowed the unused Inheritance Tax Nil Rate Band (NRB) on the death of a spouse or civil partner to be claimed on the death of the survivor.
If a surviving spouse/civil partner dies, they therefore own their own tax free pot but their Executors can also claim any unused portion from the Estate of the first spouse. This increases the total tax free allowance that is available to beneficiaries and family members on the second death.
The rules apply even if the first spouse died many years ago (at least post 21st March 1972), unless of course it had been used up at that time by direct gifting or through the workings of a Trust in the Individual’s Will (It is important to remember that the tax free portion is the balance of any unused NRB that applies at the time of the second death).
As well as on your Estate at death, Inheritance Tax may also be payable on gifts you make during your lifetime, especially if you die within 7 years of making the gift.
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The Financial Services Authority does not regulate Inheritance Tax Planning.