However, you will still need to report the overall value of the estate, even if it comes below the £325,000 threshold. If you’re giving your home away to your children, including those which are adopted or fostered or are your stepchildren or grandchildren, then the threshold could increase to £500,000.
It’s important to note that if you’re married or are in a civil partnership and if your estate is worth less than £325,000, then any unused threshold can be added to your spouse’s or partner’s threshold when you pass away.
If the value of the estate falls outside of the aforementioned conditions, then IHT will need to be paid to the HMRC. This can be done by an executor, if there’s a will, or another person who has been appointed to deal with the estate. This means that an accountant will be able to help guide you carefully through the process, taking the burden off you and your family when the worst happens.
It should be noted that the terms and conditions surrounding IHT can be extremely confusing and, often, each case is unique. As such, you’ll need the help of a highly-qualified professional to help you understand your situation when it comes to the amount of IHT you owe. RLTP Accountants will always be on hand to assist you in this scenario.
We have a dedicated, fully-trained team of specialist accountants at the helm of our operations. This means that you’ll be in safe, reliable and trusted hands when looking to us for all of your IHT needs.
As well as talking you through the process, we’ll also be more than happy to execute all the associated tasks to enable the right amount of IHT to be paid, if applicable. As well as a committed team on hand to manage your account, you’ll also be able to benefit from the following when choosing us for Inheritance Tax planning services in Derby and the surrounding areas: