Inheritance tax Every year you have an a

Inheritance tax

Every year you have an annual exemption for gifts of up to £3,000, which if not used, may be useable in the next. This is the total of gifts in any tax year that are ignored in the event of the donor’s death within seven years. It is important that you have an up to date will in place, which takes into account the most up to date inheritance tax rules. For example, you are currently able to leave £325,000 worth of legacies without paying IHT, the equivalent of £650,000 for couples, but this allowance may well change.

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